While Bitcoin price teased $38k for the first time this year, Ethereum price spiked over 10 percent to trade above $2,120.
The crypto market recorded an upswing in volatility that further invalidated the 2022 bear market. Bitcoin (BTC) and Ethereum (ETH) led the entire crypto market in gains following high-impact news from the leading global fund manager BlackRock Inc (NYSE: BLK). According to our market data, Bitcoin price reached as high as $38k on Thursday, quickly dropping towards $35.7k but had since stabilized around $36.7k on Friday during the early Asian session.
Ethereum price, on the other hand, experienced a three-wave breakout from a flag pennant consolidation since mid-October to trade around this year’s high of about $2,120 on Friday.
As a result, more than $433 million from over 145k traders has been wrecked in the past 24 hours according to market data from Coinglass. The largest single liquidation happened on the OKX cryptocurrency exchange involving a Bitcoin and Tether (USDT) pair of about $14.76 million.
Crypto Market Picture
Notably, Form 19b-4 to the United States Securities and Exchange Commission (SEC) shows that NASDAQ intends to list BlackRock’s iShares Ethereum Trust through the state of Delaware. BlackRock has now applied to offer two crypto exchange-traded funds (ETF) in the United States amid heightened demand from its institutional clients. The announcement sparked further speculation from crypto investors seeking to monetize the buy the rumor and sell the news narrative. Moreover, veteran trader and Bitcoin skeptic Peter Schiff highlighted that the crypto market is about to record another crash as the ETF buyers dump on the news.
#Bitcoin is approaching $38K as speculators continue to front run a new #BitcoinETF. However, once that ETF is launched all of the speculators will have already bought. So when those buyers sell to take profits, there won't be many left to buy the ETF. Get ready for a crash.
— Peter Schiff (@PeterSchiff) November 9, 2023
Nonetheless, a recent report from Fidelity Digital Assets highlighted that the demand for Bitcoin is expected to continue growing in the coming years as more fund managers allocate their portfolios to digital assets. Moreover, changing crypto regulatory frameworks means hundreds of trillions of dollars locked in pension funds among others will enter the crypto market in the near future. Additionally, the market uncertainties presented by the Middle East crisis and the Russia vs Ukraine war, which has significantly increased global inflation, have caused a notable flight to crypto investment products.
For instance, a recent weekly report by CoinShares highlighted the largest cash inflow of over $360 million led by Bitcoin and Solana (SOL) investment products. Meanwhile, the total crypto market capitalization has risen about 2.1 percent in the past 24 hours to about $1.45 trillion and an average trading volume of about $137 billion. The Bitcoin dominance hovered around 52 percent having dropped from 54.5 percent in late October, thus signaling further altcoin rally.