The Bitcoin and Ethereum prices are falling today as the crypto market is still in a phase of extreme fear. This latest drop comes amid moves by BlackRock, which have sparked fears of a sell-off by the world’s biggest asset manager.
Bitcoin and Ethereum prices fell today BlackRock’s transfer of 2,257 BTC and 74,973 ETH for Coinbase, indicating plans to delist these coins. Namely, BTC and ETH ETFs saw outflows on December 16, presumably because the asset manager moved those coins to buy back shares for their IBIT and ETHA ETFskoji su taj dan prodani.
Bitcoin and Ethereum Prices Drop Amid BlackRock Transfer
Those Bitcoin and Ethereum ETFs continued to see mixed flows, which partially contributed to the decline BTC and ETH prices. Notably, the price of Bitcoin jumped to around $90,000 yesterday from an intraday low of around $87,000, before falling back below $87,000 about an hour later. This immediately fueled theories of manipulation, and some crypto experts revealed that BlackRock was not the only one being sold.
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Crypto expert Kruse claimed that Binance first bought non-stop for over 30 minutes to push the price up and then started dumping millions of BTC and ETH to liquidate the long buys. He noted that the price of Bitcoin increased by about $3,300 in 30 minutes, with $106 million disappearing during that period.
After that, BTC posted another hourly volatility candle to the downside, washing out $52 million in long trades. Similar price action also played out for Ethereum price. Kruse stated that this is not random volatility, but a hunt for liquidity. The expert further warned that this is how leverage is punished in cryptocurrency. He then reiterated that the volatile price actions of Bitcoin and Ethereum were not random, indicating that the market is being manipulated.
Onchain Sleuth Tracer has also been charged Binance to be responsible due to falling prices of Bitcoin and Ethereum. He claimed that the crypto exchange pumped and dumped millions of BTC to liquidate traders, with $194 million in short and long trades liquidated in one hour.
BTC and ETH hitting new all-time highs next year?
Crypto asset manager Bitwise predicted that the price of Bitcoin will break a four-year cycle and set new all-time highs in 2026. The asset manager alluded to factors such as the Bitcoin halving and interest rate cycles as what will kick off this gathering for leading cryptocurrencies. The company also noted that the impact-driven cryptocurrency boom and bust is weaker than in past cycles.
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Bitwise also stated that institutions are likely to allocate more to Bitcoin ETFs, which is why they expect the price of Bitcoin to reach new all-time highs next year. Furthermore, the company noted that the pro-crypto regulatory shift will continue to allow companies to adopt crypto more quickly. The crypto asset manager also predicted that the price of Ethereum could hit a new all-time high if CLARITY law passes.
Featured image from iStock, chart from Tradingview.com
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