Bitcoin, Ethereum, Dogecoin Trade Mixed After ETF Rumor-Fueled Rally Cools Down: Analyst Sees Apex Crypto Breaking $30K Level

Major cryptocurrencies on Tuesday evening, took a dive due to a false rumor circulating on X, claiming that the Securities and Exchange Commission (SEC) had given approval to BlackRock’s BLK spot bitcoin ETF application. However, this information turned out to be false, leading to a decline in the cryptocurrency market.

What Happened: BTC took a dive down to $28,100 in the early hours of the day before making a comeback and reaching near $28,500. That’s a slight increase over the past 24 hours.

In other news, Binance is temporarily suspending new user registrations in the United Kingdom This decision comes in light of the Financial Conduct Authority’s (FCA) regulations, which placed restrictions on Binance’s partner, Rebuildingsociety.com Ltd (REBS). 

As a result, Binance is currently seeking a new FCA-authorized partner to comply with marketing requirements. During this transition period, there will be some temporary restrictions on Binance’s platform and mobile app until a new partner is onboarded and financial promotions are reapproved.

Binance.US, in a recent update to its terms of use, announced the temporary suspension of direct dollar withdrawals for customers in the United States.

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Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.06 trillion, reflecting an increase of 0.89% in the past 24 hours.

The S&P 500 finished near the flat line on Tuesday, with investors closely examining the latest bond yield movements and the ongoing corporate earnings season. The broad index slipped a mere 0.01% and closed at 4,373.20. Meanwhile, the Nasdaq Composite dipped 0.25% to reach 13,533.75. 

The 10-year U.S. Treasury yield surged above 4.8%, marking its highest level since October 6th, when it traded at 4.887%. The rising yields have exerted pressure on the broader market as traders evaluate the possibility of a more prolonged period of tighter Federal Reserve policies than initially anticipated. Furthermore, investors have been factoring in the potential effects of the Israel-Hamas conflict on the global economy.

See More: Best Cryptocurrency Scanners

Analyst Notes: According to Michaël van de Poppe, the founder and CEO of MN Trading, it seems like Bitcoin is currently swimming around $28,500 after the ETF news debacle. "We’re up approximately 5% on the week, while Gold is also up significantly and the Grayscale news got priced in on Monday. I’m expecting further upside, breaking $28,700 and we’ll go to $30,000."

Crypto analyst Crypto Tony has pointed out that the Bitcoin pump was executed during a period of low liquidity in the markets. "If we get the ETF approval on a day or period, where the markets are more liquid. It would be harder to shift it 100s of %s."

Santiment, the on-chain analytics platform, has recently shared an interesting finding about Ethereum’s whale addresses. These addresses are in the billionaire tier, meaning they hold at least 1 million ETH. According to Santiment, for the first time since 2016, these whale addresses now possess 32.3% of the available supply.

Photo by SvetlanaParnikova on Shutterstock

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