Zinger Key Points
- Fake XRP Trust filing sends Bitcoin, Ethereum, and Dogecoin on a downward spiral.
- Bitcoin eyes $50K target amid resistance, with 2024 halving in view, says one analyst.
- Crypto trader sentiment hints at gains when fear spikes on social chatter.
- Get Monthly Picks of Market's Fastest Movers
The cryptocurrency market saw a sharp decline on Monday, with major cryptocurrencies experiencing a notable downturn in the late afternoon hours. The market’s volatility was exacerbated following the discovery that the corporate registration purportedly filed for the iShares XRP Trust was, in fact, a hoax.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | -0.70% | $36,345 |
| Ethereum ETH/USD | -1.19% | $2,043 |
| Dogecoin DOGE/USD | -2.09% | $0.074 |
What Happened: XRP’s XRP/USD value surged by 10% following the circulation of what appeared to be an official Delaware corporation registry document for the iShares XRP Trust. This document bore a resemblance to authentic filings previously made by BlackRock Inc BLK for bitcoin and ether exchange-traded funds (ETFs).
The rally was quickly undone, and the gains were erased within the next thirty minutes following confirmation from Bloomberg ETF analyst Eric Balchunas that the filing was a forgery. Balchunas revealed that the listing for the XRP trust on the Delaware corporate registry was likely a case of impersonation involving BlackRock’s managing director, Daniel Schwieger.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Klayton | +18.49% | $0.17 |
| Celestia | +17.61% | $5.23 |
| Filecoin | +16.11% | $5.50 |
The global crypto market cap currently stands at $1.41 trillion, reflecting a decrease of 0.44% in the past 24 hours.
The S&P 500 barely moved as investors braced for upcoming inflation data. The index closed slightly lower, dropping by 0.08% to finish at 4,411.55. Meanwhile, the Nasdaq Composite edged down by 0.22%, ending the day at 13,767.74,
Investors’ focus is now on the consumer price index for October, set to be released on Tuesday, which is anticipated to be a significant market mover. Economists surveyed by Dow Jones expect the headline inflation rate to show a 3.3% increase year-over-year and a 0.1% rise from the previous month.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe on Monday noted that Bitcoin is maintaining its momentum. He observed that alternative cryptocurrencies are also gaining ground, with several beginning to show signs of upward movement.
"Bitcoin continues to show strength. Altcoins are following suit and some are starting to pick up. What am I expecting? I think we’ll have some more continuation on Bitcoin here, but $38-40K is a massive resistance zone to break," he said.
Crypto analyst Moustan referenced his previous analysis from September regarding Bitcoin’s price movements. He highlighted a consistent pattern where Bitcoin has returned to the ‘B’ wave of an ABC correction before each halving event since 2012, describing the behavior as ‘textbook.’
"Even though I believe that we’ll see a top in 2024 this time, the area is very important. $48k-$50k = next BIG target imo."
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