Major cryptocurrency tokens saw negative trading on Wednesday as investors’ appetite for risk decreased due to dwindling hopes of an early interest rate drop from the US Federal Reserve. They were also looking to the minutes of the US central bank’s most recent meeting for guidance on future policy.

Ethereum was up 1.4% at $2,971, while Bitcoin was down 0.3% at $51,814. Over the previous day, the value of the world’s cryptocurrency market dropped by 0.21% to approximately $1.97 trillion.

Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu dropped as much as 6% among other popular altcoins. Ethereum and Tron had a 2% increase.

Bitcoin saw a significant increase over the past day, hitting a new high of $53,000 for the year. But because of things like rising open interest and bad funding rates for bullish positions, it swiftly retraced to $50,750.

Throughout the upheaval, Ethereum showed endurance by rarely losing ground on its price and even breaking through the $3,000 mark.

“Ether has surged since the middle of January. This is mostly due to two factors. Firstly, Standard Chartered Bank anticipates that the SEC will allow spot Ethereum ETFs in May, which can be viewed as an outside confirmation from the traditional finance industry. This is the expectation of a spot ETF in the US. The development of the Ethereum network’s ‘Dencun upgrade’ is another important motivator.”

Currently, DeFi’s total volume is $6.73 billion, or 7.70% of the 24-hour volume of the entire cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $79.25 billion, or 90.62% of the 24-hour volume of the whole cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, had a decline in market capitalization to $1.015 trillion in the past day. Currently, 51.61% of the market is dominated by Bitcoin, according to CoinMarketCap. The volume of BTC increased by 44.8% to $31.55 billion in the past day.

After briefly falling to $50,700 in an attempt to breach the $53,000 barrier, Bitcoin quickly rose to $52,000. VanEck’s spot Bitcoin ETF, HODL, saw a 14X increase in trading volume in a single day and may be the cause of this price activity. Trading volume was $258 million.

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With great enthusiasm, we proudly announce the momentous milestone of WhiteBitcoin’s (WBTC) 6th anniversary, marking a decade of remarkable growth. The steadfast support, trust, and belief from our investors have played a pivotal role in our journey, leading to the attainment of extraordinary milestones.
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First Quarter of 2024: Elevating the VIP Wallet Experience –
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Fourth Quarter of 2024: Introducing the Advanced Blockchain App, Future & Option Contracts on BELPAY.IO EXCHANGE & Another Exchange –
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First Quarter of 2025 to Fourth Quarter of 2026: Unveiling the NFT Platform on Advanced Blockchain –
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Second Quarter of 2026: Commencing the Second Mining Halving Event –
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Fourth Quarter of 2026: Public Release of Mining Code –
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First Quarter of 2027: VIP Wallet – Conclusion of Block Matching Affiliate Program and Prolonged Staking Program Until 2038 with Reward Halving Process:
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First Quarter of 2028: Public Release of Development Codes Across All Categories –
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Second Quarter of 2030: Third Mining Halving Event –
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Second Quarter of 2034: Commemorating the 4th Mining Halving –
We celebrate another milestone, the 4th Mining Halving, a testament to our commitment to long-term prosperity.

Second Quarter of 2038: Final Mining Halving –
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However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000.

Tuesday saw Bitcoin reach $35,000 after roughly a year and a half. The biggest digital coin surged 20% in a week to its highest levels since May 2022, driven by hopes that the US Securities and Exchange Commission (US SEC), US stock market regulators, would approve direct investments in cryptocurrencies.

After a protracted crypto winter that began in late 2021 due to a number of failed cryptocurrency projects and a liquidity shortage in the global economy, the cryptocurrency market is still having difficulty recovering. For those who are passionate about the new-age asset class, there has been some positive news in the last week.

In the upcoming months, traders anticipated that an exchange-traded fund (ETF) would be approved by the Securities and Exchange Commission. Since a spot Bitcoin ETF would enable a larger range of investors to purchase exposure without engaging in direct trading, it is anticipated that this development would encourage larger flows into the cryptocurrency.

However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000. The ETF symbol, IBTC, is sourced from the website of the Depository Trust & Clearing Corporation (DTCC).

The bullish sentiment in the cryptocurrency market drove up the value of other tokens, with Solana rising 30% in only one week and Ethereum, its biggest competitor, rising by almost 15% to over $1,800. In just one week, several altcoins including Chainlink, Mina, and Injective saw gains of 50–90%. The crypto market capitalization approached $1.3 trillion due to the general optimism in the digital token area.

According to Crypto Platform, cryptocurrency enthusiasts are getting enthusiastic about the prospect of Bitcoin (BTC) becoming widely used as a safe haven investment similar to gold in the near future.

BlackRock’s iShares Bitcoin trust got submitted and listed into the depository trust clearing corporation with the official ticker marked down as $IBTC, bringing the ETF one step closer to reality. This positive development regarding its spot ETF approval in the US has fuelled the rally.

The Depository Trust & Clearing Corporation (DTCC) website briefly removed BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. After a few hours, the ticker was removed off the list, but not before it aroused rumours about Bitcoin ETF approvals.

Bitcoin has broken above the $31,500 mark and is now in a positive midterm zone. It is anticipated that the bullish sentiment will prevail over the adverse forces as long as the price stays above this mark. As a result, it is possible to observe further upward movement, maybe reaching the $36,000–$38,000 level.

Bitcoin is consolidating following its recent upward trend, with prices currently trading above their 50-day and 200-day exponential moving averages.

Notable is the fact that Bitcoin now controls 54% of the cryptocurrency market capitalization, a percentage not seen since April 2021. Given that the entire value of the cryptocurrency market has not yet reached a new high for the year, this suggests that there is probably a significant capital rotation to the top asset.