Today in Markets

BTC Slides Backwards

Crypto markets erased the gains from a volatile past couple days
Nov 16, 20231 min read

Crypto Cools: BlackRock took another major step towards launching a spot ETH ETF, but crypto markets are in decline. The majors pared back yesterday’s gains on the filing, with Ether dipping back below $2k and Bitcoin fighting to hold $36k.

 Coinbase (COIN), who was selected as custodian for the BlackRock spot Ether ETF, is also down 1.7% on the day, likely because this news was already largely priced in, given the existence of a similar arrangement between the two firms for BlackRock’s spot BTC ETF.

Avalanche (AVAX) looked prime for a continuation rally early in the day after posting a 38% gain and surging to $24 on Tuesday evening’s announcement that JP Morgan and Apollo Global Management had connected their Onyx chain to a permissioned Avalanche Evergreen subnet, but also fell on the day and is now defending the $20 mark.

Despite enjoying gains after unveiling the Near Foundation and OKX as partners for its Chain Development Kit (CDK) during the past week, MATIC is in the doghouse today and is down 7%, clinging to $0.85 like a life preserver.

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