While Ethereum fell by about two percent but stayed below the $1,800 barrier, Bitcoin experienced some profit booking as it fell by more than one percent while holding roughly 34,000 levels.

After the ticker for BlackRock’s (BLK) spot bitcoin ETF, IBTC, was taken down from the Depository Trust & Clearing Corporation’s (DTCC) website and then added back, the price of bitcoin and other cryptocurrencies fell on Wednesday morning. But profit booked from rash cryptocurrency purchases is nothing new.

Following a robust secular surge, Bitcoin experienced some profit booking. Despite declining more than 1%, the largest cryptocurrency held its ground around roughly 34,000 levels. Ethereum, its biggest rival, saw an almost 2% decline but managed to stay below the $1,800 mark. The majority of altcoins had decreased in value.

Following the unexpected debut of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation website, the value of bitcoin recently surpassed the $35,000 mark. But after the ticker briefly vanished and then reappeared, prices during the previous day stabilised back around $34,000.

Grayscale’s legal victory over the US SEC, in which the DC Circuit Court of Appeals ordered the agency to reevaluate its denial of Grayscale’s spot bitcoin ETF application, may also be connected to this positive trend. Market participants are optimistic that the Bitcoin spot ETF applications will soon be approved due to the combination of these factors.

With a few notable exceptions, the bulk of popular cryptocurrency tokens saw a decline in price on Wednesday. Toncoin, Polygon, Solana, and BNB all saw declines of two percent apiece, while Dogecoin and Polkadot fell by more than three percent each. Chainlink gained more than 11% of the gainers, and XRP gained almost 1%.

The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.25 trillion after decreasing by almost 1% over the previous day. But at $69.61 billion, the total trading volume fell by more than 13%.

The temporary withdrawal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation (DTCC) website may have contributed to the declines in both Bitcoin (BTC) and Ethereum (ETH) over the last day. It’s crucial to remember, though, that the ticker was relisted a few hours later.

While Ethereum was also seen in red and was slightly lower, it stayed below the $1,800 level. Bitcoin had some profit booking as it dropped more than 1% but was still able to hold around 34,000 levels.

Bitcoin and other crypto took a breather on Friday ahead of the non-event weekend. However, the pause in the digital asset market was on the cards after a sizable rally in the last few days. However, analysts see the buying interest to remain in the digital asset market in the next few days.

Bitcoin saw some profit booking as the largest crypto token declined over a per cent but somehow managed to hold about 34,000-levels. However, its largest peer, Ethereum, was also seen in red, marginally lower, and remained below $1,800-level. Majority of the altcoins were trading with cuts.

The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the cryptocurrency fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among investors in the space. Following the surge, the larger cryptocurrency market appears to be cooling off in lockstep with its reaction.

In other developments, UDPN, a system that allows blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking, is being tested by Deutsche Bank and Standard Chartered’s SC Ventures. UDPN integrates digital identification standards, creates a bridge between blockchains, and enables regulated transactions.

With a few notable exceptions, Friday’s trading saw a decline in most popular cryptocurrency tokens. Over 3% fell in Polkadot, while 2% fell in each of Polygon, Chainlink, and Toncoin. Dogecoin had a slight increase, but Solana and BNB added around 1% each among the gainers.

The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.26 trillion after sliding more than 1% on the previous day. Still, overall trade volumes fell to $46.88 billion, or around 7% less than before.

Bitcoin experienced some profit booking as it fell more than 1% but held above 34,000 levels, while Ethereum fell about 2% but remained around $1,800.

Bitcoin and other cryptocurrencies fell early Wednesday when the ticker for BlackRock’s (BLK) spot bitcoin ETF – IBTC – was withdrawn from the Depository Trust & Clearing Corporation’s (DTCC) website, only to be reinstated later. However, profiting from impulsive crypto purchases is nothing new.

After a strong secular rally, Bitcoin saw some profit booking as the largest crypto token fell more than 1% but managed to stay around 34,000-levels. However, its largest peer, Ethereum, fell nearly 2% but remained below the $1,800 mark. The majority of altcoins were trading at a loss.

Following the sudden debut of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation’s website, Bitcoin’s value recently crossed the $35,000 mark. However, despite the ticker’s brief removal and reappearance, prices have returned to about $34,000 in the last 24 hours.

This positive momentum could also be attributed to Grayscale’s legal victory over the US Securities and Exchange Commission, as the DC Circuit Court of Appeals ordered the SEC to reexamine its denial of Grayscale’s spot bitcoin ETF application. These combined considerations have fueled market players’ excitement regarding the anticipated approval of Bitcoin spot ETF applications.

The bulk of popular crypto coins were trading down on Wednesday, with a few outliers. Dogecoin and Polkadot were both down more than 3%, while Toncoin, Polygon, Solana, and BNB were all down 2%. Among the gainers, Chainlink gained more than 11%, while XRP gained nearly 1%.

The worldwide cryptocurrency market cap was trading much lower, down to $1.25 trillion, after losing approximately 1% in the previous 24 hours. However, total trade volumes fell by more than 13% to $69.61 billion.

Bitcoin (BTC) and Ethereum (ETH) have both fallen in value during the last 24 hours, which could be attributed to the temporary removal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation’s (DTCC) website. It’s worth noting, however, that the ticker was relisted after a few hours.

Both BTC and ETH are currently trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are consolidating after their recent upward trend. While ETH must pass a few resistance levels before it can resume its climb, BTC is displaying strength by reaching a 52-week high.

Quick analysis of cryptocurrency prices on October 16: The value of the world market fell to $1.25 trillion.

After breaking through the $34,000 barrier yesterday, Bitcoin (BTC) was able to maintain its new high early on Wednesday morning. Nevertheless, Ethereum (ETH) dropped below $1,800 and is now trading at $1,700. Following an abrupt surge, coin prices typically experience a period of decline. As a result, the majority of well-known cryptocurrencies had slight declines overall, including Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC). After falling more than 7% in a day, Memecoin Pepe (PEPE), the cryptocurrency that had gained the most on Tuesday, turned out to be the greatest loser of all. Conversely, the MINA token emerged as the largest gainer, exhibiting a staggering 24-hour surge of more than 50 percent.

The value of the world’s cryptocurrency market was $1.25 trillion at the time of writing, a 1.67 percent decrease in a day.

Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $34,016.72, down 1.40 percent in a day. As per the Indian exchange WazirX, the current value of Bitcoin was Rs 28.59 lakh.

Ethereum Price Today
As of this writing, the price of ETH was $1,788.11, down 1.78 percent in the last 24 hours. Ethereum’s price in India was Rs 1.51 lakh, according to WazirX.

Dogecoin Price Today
According to CoinMarketCap data, DOGE saw a 3.09 percent 24-hour decline, with its current price being $0.06612. The price of Dogecoin in India was Rs 5.57, according to WazirX.

Litecoin Price Today
Litecoin lost 2.09 percent in a day. When this was written, the price was trading at $69.67. The cost of LTC was Rs 5,856.75 in India.

Ripple Price Today
The price of XRP was $0.5537 after rising 0.78 percent in a day. The price of ripple was Rs 46.76, according to WazirX.

Solana Price Today
The price of Solana was $31.03, down 1.81 percent on a day. The price of SOL in India was Rs 2,722.95, according to WazirX.

According to Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer Electronic Cash System,” published in 2008, Bitcoin was designed in reaction to faults in the traditional financial system. The major objective for Nakamoto was to create a decentralised digital currency that runs on a peer-to-peer network, eliminating the need for intermediaries such as banks or governments. Bitcoin seeks to enable secure, transparent, borderless transactions while addressing concerns about the “double-spending problem” (in which the same digital token is spent multiple times).

Regardless of your position on Bitcoin, it’s difficult to deny that it hasn’t been a flaming success and has probably blown up more than Nakamoto ever imagined. For example, the first known exchange of Bitcoin for dollars occurred in late 2009, with one Bitcoin valued at $0.00099. Today, that figure has risen to $35,000 per coin, and if Bitcoin were a company, it would rank among the top ten in terms of market capitalization ($668B USD). Today, we will do our best to present objective arguments and statistics in support of Bitcoin as a money or store of value:

Arguments in Support of Bitcoin as a Currency

Bitcoin supporters emphasise the currency’s ability to disrupt the established banking system. They contend that Bitcoin transactions are faster, cross borders, and have lower transaction fees than traditional banking systems or international money transfers. Citizens in hyperinflationary countries are increasingly utilising Bitcoin as an alternative money, according to evidence. Did you know Bitcoin’s price has reached an all-time high in comparison to three hyperinflationary countries? (Nigeria, Turkey, Argentina) This is impressive given that Bitcoin is still far from its all-time high of $69,000 versus the US dollar.

Arguments for Bitcoin as a Store of Value

Bitcoin supporters say that it functions similarly to gold as a store of value. Bitcoin’s advantages include its limited supply (only 21 million coins will ever exist) in comparison to traditional currencies, which may be manufactured in endless quantities, resulting in inflation. Proponents further say that the scarcity of Bitcoin and the decentralised nature of blockchain technology make it a trustworthy store of value. Despite geopolitical tensions, widespread global inflation, and market volatility, Bitcoin is up more than 100% in 2023. Bitcoin has previously not only survived, but thrived in conditions such as the 2008 Global Financial Crisis and the 2020 Covid-crash. Bitcoin and gold (both widely regarded as the primary store of wealth) have decoupled from equities markets and gained gains in recent months.

The Bitcoin bull run is about much more than the hoopla surrounding a prospective ETF approval. Bitcoin is becoming more than just a trading vehicle; it is also becoming a real-world currency and a store of value.