XRP’s value surged by 10% when what seemed to be an official Delaware corporation registry document for the iShares XRP Trust circulated. This document resembled legitimate filings by BlackRock Inc (BLK) for bitcoin and ether ETFs.
However, the rally was short-lived, with gains erased within 30 minutes after Bloomberg ETF analyst Eric Balchunas confirmed the filing as a forgery. Balchunas suggested that the XRP trust listing in the Delaware corporate registry likely involved impersonation of 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
Market Overview
The global cryptocurrency market cap is currently $1.41 trillion, marking a 0.44% decrease in the past 24 hours.
In the equities market, the S&P 500 showed minimal movement as investors awaited upcoming inflation data. The index closed slightly lower, down by 0.08% to reach 4,411.55. Simultaneously, the Nasdaq Composite experienced a modest decline of 0.22%, concluding the day at 13,767.74.
Investor attention is now focused on the consumer price index (CPI) for October, scheduled for release on Tuesday. This event is expected to be a significant market mover, with economists surveyed by Dow Jones anticipating a 3.3% year-over-year increase in the headline inflation rate and a 0.1% rise from the previous month.
Cryptocurrency Analysis: Bitcoin’s Momentum Holds, Altcoins Show Positive Signs
On Monday, cryptocurrency analyst Michael Van de Poppe highlighted the sustained momentum of Bitcoin. Notably, he observed that alternative cryptocurrencies are also making advances, with several displaying indications of upward movement.
Van de Poppe expressed his expectations, stating, “Bitcoin remains robust. Altcoins are following the trend, and some are starting to gain traction. What do I anticipate? I believe we’ll see further continuation in Bitcoin, but breaking the $38-40K range poses a significant resistance challenge.”
#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 Says:
I think there will be a peak in 2024, and right now, the yellow zone is crucial. In my opinion, the next major goal is $48k-$50k.
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
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 13, 2023
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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