Solana Avalanche Chainlink Falls 8-12% As Crypto Rally Cools On False BlackRock XRP Trust Filings
The cryptocurrency market fell sharply on Monday due to sharp declines in altcoins. The downturn accelerated towards the end of the day following a fake iShares XRP Trust registration.
XRP briefly rose as much as 10 percent after the Delaware Corporation apparently published a registration document for the iShares The document was similar to documents lawfully filed by BlackRock ahead of its formal applications to launch spot ETFs for Bitcoin (BTC), Ether (ETH), and exchange-traded funds (ETF).
XRP returned all of these winnings after a BlackRock representative denied any connection to the filing. It is currently trading with a loss of 1.8% in the last 24 hours.
Fake news has further roiled a crypto market already in a downward spiral. SOL, a cryptocurrency that led the altcoin rally with a price increase of more than double in a month, has fallen to an 8% decline in the last 24 hours. LINK and AVAX each fell more than 10%. Cardano (ADA), Polkadot (DOT), and Dogecoin (DOGE) all fell 5-7%.
BTC has also fallen to a new session low. It is now down around 2% on the day to around $36,500. ETH has given up its gains and is now stagnant over the last 24 hours. It is still above the key $2,000 level.
The AskFX Market Index, a basket of nearly 200 crypto assets, fell more than 2%.
JPMorgan analysts warned in a report last week that the crypto rally, largely fueled by excitement surrounding the spot BTC ETF, appeared to be ”overblown” as investors were overly optimistic about the prospect of new capital entering the digital assets space.
Lucas Outumuro, head of research at IntoTheBlock, said in a report on Friday that while the market is showing signs of overheating in the short term, strong activity on the blockchain suggests that the cryptocurrency winter is over.
