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
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
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.
