Crypto market remains highly positive despite minor decline

Crypto market overview: In the last 24 hours, both Bitcoin (BTC) and Ethereum (ETH) have encountered a minor decline of around 2 per cent. This dip may be associated with the temporary delisting of BlackRock's (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation's (DTCC) website. However, it's worth noting that the ticker was re-listed after a brief interruption.

The minor decline in the Bitcoin price had almost no impact on the Crypto Fear and Greed Index which went through the roof to reach 72 points falling in the greedy category. 

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CoinDCX Research Team talked to Republic and shared their opinion on the presence of the BTC ETF ticker on the DTCC website. CoinDCX said, “The presence of the ticker on the DTCC site had led investors to speculate about the imminent approval of a spot Bitcoin ETF, which contributed to BTC's significant surge from the $30,000 range to over $35,000.” 

“From a technical perspective, both BTC and ETH are trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are currently consolidating after their recent upward momentum. While ETH faces a few resistance levels to clear for its uptrend, BTC is showing strength as it reaches a 52-week high,” added CoinDCX. 

Sudeep Saxena, Co-Founder, Coin Gabbar, also shared his views on the recent crypto market movement. Saxena said, “The cryptocurrency community is eagerly anticipating a Bitcoin ETF, and BlackRock, the world's largest asset manager, is taking the lead with its iShares Bitcoin Trust proposal. During the third week of October, Bitcoin triggered a significant rally, propelling Ethereum, Ripple, and a range of altcoins.”

Edul Patel, CEO, Mudrex said, “Bitcoin's price recently rose above the $35,000 level, driven by the sudden appearance of BlackRock's spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation's (DTCC) website. However, in the last 24 hours, prices retreated to consolidate around $34,000 following the ticker's temporary disappearance and subsequent reappearance.” 

“This bullish surge may also be linked to Grayscale's legal victory against the US SEC after the DC Circuit Court of Appeals ruled in favour of Grayscale, instructing the SEC to reconsider its rejection of the asset manager's spot bitcoin ETF application,” added Patel. 

Patel integrated that these developments have boosted market confidence, increasing optimism for the approval of Bitcoin spot ETF applications in the coming days. Simultaneously, Ethereum has maintained a steady trading position above the $1,700 mark.