"If observed, the price of BTC is difficult to break $30K or go down to $24K."
Shortly after fund management giant BlackRock filed the paperwork for a spot Bitcoin (BTC) ETF*, the price of the cryptocurrency king finally managed to break through the $26,000 mark on Sunday.
*An exchange-traded fund that tracks the price of BTC, whether through the spot market, derivatives or BTC ownership
Although the performance of the crypto market saw an improvement, BTC and Ethereum (ETH) price movements were found to be weak as investors worried about inflation and the aggressive actions imposed by the United States (US) regulators on digital assets.
According to Federal Reserve (Fed) Governor Christopher Waller, the US central bank until now remains concerned about inflation despite many critics stating that their hawkish stance is the cause of the banking crisis.
He added that when he was at an economic conference in Norway, he did not intend to loosen monetary policy if only a few banks were affected due to the Fed's hawkish stance and this means that raising interest rates is the right action to fight inflation.
Even so, BlackRock's filing is likely to help crypto prices, including BTC, from falling drastically, commented Mark Connors, head of research at 3iQ.
In fact, the filing that can present a clear process regarding custody, liquidity and price monitoring is able to have a positive impact on the digital asset exchange such as withdrawing the US Securities and Exchange Commission (SEC) allegations against Coinbase.
After reaching $26,700, BTC price is currently slipping back to $26,375 in the last 24 hours with a market cap of $511 billion but still posted a 1.54% jump over the last week.
While ETH is up around 0.03% at $1,724 in the last 24 hours with a trading volume of $3 billion and Ripple (XRP) gained 1.44% at $0.48 but still recorded a 6.27% decline in the last seven days.
