The ten main cryptocurrencies operate with a majority of falls, in which Dogecoin (DOGE) stands out with -3%.
Cryptocurrencies They have their second day of ups and downs in the market. Bitcoin remains above US$36,000, although it is moving away from US$37,000 with a drop of 0.6% in the last 24 hours.
While, Ethereum moderates its rally to US$2,000. Top ten cryptocurrencies they operate with a majority of falls, in which Dogecoin (DOGE) stands out with -3%. Meanwhile, the increases are sustained by Solana (SOL) with 2%, followed by Ripple at 1.9%.
To find the cause of these latest movements you have to look towards a usual suspect: BlackRock. Although, this time, the largest manager in the world has done nothing to motivate this turnaround in the alternative cryptocurrency market. And this Monday, the company denied that it registered in Delaware an exchange-traded fund (XRP ETF). The fake news boosted the price of cryptocurrencies and the Ripple Labs token, which soared 10%.
For Ben Laidler, global markets strategist at eToro, the movements resulting from this fake news “illustrate the sensitivity of the asset class to any good news and should encourage investors given the long list of possible catalysts that are coming.”
Cryptocurrencies.webp
“From the US SEC deadline to definitively approve the bitcoin spot ETF in January 2024, to the “halving” or ‘halving’ of the rewards per mined block that is expected in March, passing through the new global banking regulations and US corporate accounting that facilitate the possession of cryptocurrencies,” he says.
However, this same argument can be turned around to defend the opposite thesis. Although many analysts defend this bullish case, many others highlight that the latest events not only continue to show some of the issues most obvious of the digital assets, but they also show how overbought cryptocurrencies are after the latest increases and how few fundamentals they have at the moment.
JPMorgan distrusts the increases
In this sense, the experts of JPMorgan They defined the latest increases as “unconvincing” and they have pointed out that the regulatory front, embodied in the SEC’s lawsuits against important players such as Binance or Coinbase, as well as crimes related to digital assets as other important headwinds for cryptocurrencies.
“Yes, the launch of these ETFs could inject hundreds of billions of dollars and expand the segment of potential investors in it cryptocurrency market. But I think it’s a little early to be so optimistic right now without overcoming the most notable obstacles to the growth of this market,” says Samer Hasn, market analyst at XS.com.
Source: Ambito
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