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.
What Happened: XRP’s (CRYPTO: XRP) 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 (NASDAQ: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.
This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. pic.twitter.com/cDpnycYwjQ
— Eric Balchunas (@EricBalchunas) November 13, 2023
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.
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.
#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. pic.twitter.com/asS9IApDia
— Michaël van de Poppe (@CryptoMichNL) November 13, 2023
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.”
Remember when I told you in September that $BTC has returned to wave B (ABC-Correction) every time since 2012 before halving?
It’s 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. pic.twitter.com/5F6CmcEzRq
—
Produced in association with Benzinga
Get news, handpicked just for you, in your box.
