JUST

Bitcoin ETF

Chainlink

Spot

Gains

<p><strong>The crypto market saw a significant dip today, with the total market capitalization dropping nearly 2% to around $1.4 trillion</strong>.</p>
<p>Several major cryptocurrencies like Chainlink and Rollbit saw double-digit percentage losses, while tokens such as SOL, ADA, and DOGE dropped over 5%. Bitcoin also declined around 2% and was trading near $36,500 at the time of writing.</p>
<p>There appear to be a few key factors driving the crypto sell-off:</p>
<h3 class="wp-block-heading" id="strong-fake-news-strong"><strong>Fake News</strong></h3>
<p>Earlier today, false reports circulated that BlackRock had filed for a spot <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> exchange-traded fund (ETF). However, a spokesperson for the asset management firm confirmed this was not true. The inaccurate rumor likely led to some panic selling as traders reacted to the news.</p>
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr">JUST IN: BlackRock has not filed for a Spot XRP ETF, spokesman confirms.</p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1724179125491958034?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 13, 2023</a>
</blockquote>
<p>In a telling tweet, crypto investor Miles Deutscher <a href="https://x.com/milesdeutscher/status/1724179136090927528?s=20" target="_blank" rel="noopener noreferrer nofollow">joked</a> about how easy it is to manipulate the crypto market, saying: <em>“Guide to manipulating the crypto market and making millions: Pick a coin, giga long, file for an ETF under BlackRock’s name, spread the news on Twitter, cash out before it’s disproven. Easy money.” </em>This highlights how fake news can be intentionally spread by bad actors to profit from short-term price swings.</p>
<h3 class="wp-block-heading" id="strong-profit-taking-after-recent-gains-strong"><strong>Profit Taking After Recent Gains</strong></h3>
<p>Crypto prices surged in October and early November, with Bitcoin hitting its highest price in over a month recently. Some large crypto holders may be cashing out gains from the latest rally.</p>
<p>This type of profit taking is fairly common after periods of significant upside momentum.</p>
<h3 class="wp-block-heading" id="strong-impatience-over-sec-s-bitcoin-etf-decision-strong"><strong>Impatience Over SEC’s Bitcoin ETF Decision</strong></h3>
<p>The SEC has until November 17 to approve or reject a spot Bitcoin ETF in the current review window. With only three days remaining, some traders may be preemptively selling crypto holdings out of frustration or pessimism about the SEC delaying a decision once again.</p>
<p>There is also speculation that investors could be selling to build up cash reserves to buy back crypto assets at lower prices if an ETF is approved.</p>
<p>Overall, the mix of speculative news, profit taking, and uncertainty around key regulatory decisions appears to be driving the latest crypto market slump. However, analysts still believe there is a strong likelihood of a spot Bitcoin ETF being approved in early 2024, which would be a major catalyst for renewed upside in crypto prices.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-8/" rel="noopener noreferrer nofollow">Why is the Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is the Crypto Market Down Today?

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