BlackRock Ethereum ETF filing spurred fresh positive sentiment in the crypto market, but traders quickly moved to close their positions. Bitcoin (BTC) price fell nearly 2% as a result of BlackRock Ethereum ETF filing, giving up some gains in the last 24 hours. Altcoins including XRP, SOL, and even ETH witnessed a selloff, is the market prediction for an upcoming correction, right?

Crypto Market Selloff After BlackRock Ethereum ETF

The crypto market witnessing massive shuffling on Thursday, November 16 as traders are closing their positions for several cryptocurrencies. The move comes in response to ETHBTC ratio after BlackRock Ethereum ETF filing news.

Popular traders including Hasaka, WSB Trader Rocko, and McKenna shared crypto market flush after the ETHBTC pumped up and closed with a green candle. Notably, ETHBTC has bottomed in the monthly timeframe and traders are selling Bitcoin for Ethereum.

Coinglass data shows massive liquidation of $200 million today, October 9. More than 64k traders were liquidated in the last 24 hours, with the largest single liquidation order on Binance’s RUNEUSDT worth $2.93 million. As a result of closing positions and selloff, the crypto market is in ‘red’ now.

Popular crypto analyst CredibleCrypto predicted a downside target for Bitcoin due to expected liquidations. He said a low timeframe pullback will bring a buy-the-dip opportunity, but hinted that “we aren’t there yet.”

Blockstream CEO Adam Back also said that BlackRock Ethereum ETF is bearish news for Bitcoin and the crypto market. He said, “They’re a securities firm, and they have to know asking for an ETF for a pyramid scam is a waste of time.”

BTC price pares earlier gains, falling nearly 2% in the past 24 hours, with the price currently trading at $36,781. Furthermore, the trading volume has increased by 22% in the last 24 hours, indicating a rise in the interest of traders.

ETH price trades at $2030, up just 1% after falling to BlackRock Ethereum ETF filing news. The trading volume remains low.

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The post Crypto Market Selloff: Here’s Why BTC, ETH, XRP, SOL Fell After BlackRock Ether ETF News appeared first on CoinGape.

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Filed under: News - @ November 16, 2023 3:14 pm