Crypto Market Selloff: How BlackRock Ether ETF Triggered BTC, XRP, SOL, SHIB Fall
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 3.86% as a result of BlackRock Ethereum ETF filing, giving up some gains in the last 48 hours. Altcoins including XRP, SOL, SHIB, 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 witnessed massive shuffling on Thursday, November 16 as traders closed their positions for several cryptocurrencies. The move comes in response to the ETHBTC ratio after BlackRock Ethereum ETF filing news. The selloff looks to continue this week as total liquidation crosses $300 million.
Popular traders including Hasaka, WSB Trader Rocko, and McKenna shared a 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 $224 million today, November 16. 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 CrediBULL Crypto 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 by 4.91% in the past 24 hours, with the price currently trading at $35,880.12. Furthermore, the trading volume has increased by 9.91% in the last 24 hours, indicating a rise in the interest among traders.
ETH price plunged below the $2000 support zone, down by 3.2% despite the BlackRock Ethereum ETF filing news. Like Bitcoin, the trading volume is up 19% to $14,799,113,812.
Also Read:
- Montenegro Court Upheld Verdict Against Terra Co-Founder Do Kwon
- Terra Vs SEC: Court Hints At Summary Judgment In Weeks
- US Congress Unites to Challenge SEC’s Crypto Asset Rule SAB 121
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
