Major cryptocurrencies were seen trading mixed on Thursday evening with Ethereum (ETH) stealing the spotlight from Bitcoin (BTC) in terms of gains as BlackRock Inc’s filing for a spot Ether ETF garnered investor attention.
Ethereum was trading significantly above the $2,000 mark at $2,110.40 at the time of publishing — for the day it rose nearly 11% outpacing Bitcoin’s 2.1% gains in the period. Bitcoin was seen at $36,695.88.
BlackRock’s spot ETH ETF is poised to be benchmarked against the CME CF Ether-Dollar Reference Rate — New York variant (ETHUSD_RR), according to Benzinga’s previous report. The ETHUSD_RR is a daily benchmark that consolidates trading information from various Ether-USD markets managed by prominent cryptocurrency exchanges.
Cryptocurrency | Gains +/- | Price (Recorded at 8:58 p.m. EST) |
Bitcoin BTC/USD | +2.08% | $36,695.88 |
Ethereum ETH/USD | +10.95 | $2,110.40 |
Dogecoin DOGE/USD | -2.74% | $0.074 |
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Macro Developments: Meanwhile, Federal Reserve Chair Jerome Powell said in remarks, at a conference hosted by International Monetary Fund, that the U.S. central bank is not yet confident that it has achieved a sufficiently restrictive monetary stance. He said that “head fakes” in inflation could still take place and require a flexible approach.
The remarks by Powell were perceived as hawkish by market participants, according to a Benzinga report.
Powell’s remarks led to stocks and bonds taking a tumble, while the dollar rallied. On Thursday, the Nasdaq ended 0.9% lower at 13,521.45, while the S&P 500 declined 0.8% to 4,347.35.
Top Gainer (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 8:58 p.m. EST) |
ORDI (ORDI) | +67.91% | $20.51 |
Lido DAO (LDO) | +22.29% | $2.42 |
Rocket Pool (RPL) | +18.59% | $31.97 |
Analyst Takes: Cryptocurrency trader Michaël van de Poppe told his followers on X, formerly Twitter, that Bitcoin reaching a timeframe resistance at $38,000 and Ethereum Spot ETF filing from BlackRock were both “news items which call for a temporary top and liquidation of the long positions.”
“Dips are likely to happen, make sure to use those dips for entries,” wrote Van de Poppe.
On the altcoin front, Santiment — a market intelligence platform — noted on X that some altcoins “continue to pump” while others are slowing down.
“Pay close attention to where whale transaction spikes are happening,” said Santiment while sharing that high-value transactions were observed in Dogelon Mars (ELON), Polygon (MATIC) and WOO Network (WOO).
Photo by SvetlanaParnikova on Shutterstock
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