Was BlackRock involved somehow in BTC’s most recent price slip?
Bitcoin’s price rally that drove the asset to $78,000 yesterday came to a screeching halt after a painful rejection pushed it south by approximately three grand.
Most larger-cap alts are sluggish today, but RAIN has joined them in terms of market cap after a massive surge of over 40%.
BTC Halted at $78K
After peaking at over $82,000 a couple of weeks ago, bitcoin entered a more prolonged downtrend that drove it south hard. It was first pushed below $80,000 by May 16, then the bears initiated a few more leg downs that ultimately resulted in a massive decline to under $74,500 on May 23. This became the cryptocurrency’s lowest price tag in just over a month.
It rebounded almost immediately after Trump said the US and Iran are getting closer to a permanent peace deal. It jumped to $77,500 at the time and, after a brief retracement, spiked to $78,000 yesterday for the first time in several days.
However, reports emerged that the strikes between the US and Iran had resumed instead of a peace deal, and BTC dipped to $76,000. It plunged further to $75,200 earlier today as experts outlined a mind-blowing sale through BlackRock’s IBIT.
Nevertheless, it has rebounded slightly and currently trades close to $76,000 again. Its market cap has slipped to $1.520 trillion on CG, while its dominance over the alts has settled at 58%.
RAIN Outperforms
RAIN is by far the top performer from all top 100 alts today. It has skyrocketed by over 44% as of now and tapped a new all-time high at almost $0.012. ICP and UB have also rocketed by double digits, but nowhere near close – 15% and 10%, respectively.
In contrast, NEAR has plunged by over 8%, followed by ZEC’s 6% decline. CC, ONDO, and WLFI are also well in the red daily. Ethereum has slipped below $2,100, while XRP struggles beneath $1.35. HYPE is close to its all-time high after a 4% daily increase.
The total crypto market cap has defended the $2.6 trillion level and stands about $20 billion above it.
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