In Asia on Tuesday, prices for bitcoin and other cryptocurrency tokens surged rapidly, but early in the morning, the gains quickly tapered down. On the social networking site X, formerly known as Twitter, a fictitious story on the approval of a spot ETF was released. But when the picture became clearer, the benefits were pared down, and the report was removed.
Early in the morning, Bitcoin saw significant increases as the last cryptocurrency token increased by almost 4% to reach levels above 28,000 once more. Nevertheless, Ethereum, its biggest rival, increased by almost 2% as well but stayed below the $1600 mark. Early in the morning, altcoins were also trading with respectable gains.
Bitcoin Breaks $28,000 Mark, Ethereum Closes in on $1,600, Solana Up 9%,Bitcoin Breaks $28,000 Mark, Ethereum Closes in on $1,600, Solana Up 9%,Bitcoin Breaks $28,000 Mark/p>
It was a pretty exciting trading day yesterday. The price of bitcoin reached a 70-day high. The Blackrock Bitcoin ETF has been authorised by the SEC, according to a prominent cryptocurrency news publication CoinTelegraph. This occurred in close to 15 minutes along with a significant $65 million liquidation, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
“However, shortly after, Blackrock clarified that their application is still under review,” according to him. One thing is evident from the sequence of events: an extraordinary rise is quite likely to follow the approval of a true spot Bitcoin ETF. Charts for Bitcoin still show a positive picture right now,” he continued.
With a few notable exceptions, most of the main cryptocurrency tokens saw significant gains in trading on Tuesday. Solana saw a about 9% increase, while Polygon’s price increased by 3%. Each of Tron, Litecoin, and BNB increased two percent. Only USD Coin and Polkadot were seen as losers.
The market capitalization of all cryptocurrencies worldwide was trading substantially higher, rising to $1.09 trillion after rising as much as 3% in the previous day. Nonetheless, the overall trade volume surged to $62.5 billion, up more than 220 percent.
The WazirX Trade Desk’s Tech View
Decentralised finance (DeFi) solutions are provided by Solana, an open-source project that takes use of the unconstrained nature of blockchain technology. While the idea and preliminary work for the project began in 2017, Solana was publicly unveiled in March 2020, overseen by the Geneva, Switzerland-based Solana Foundation.
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