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The crypto market has seen a significant bull run over the last 30 days, creating a buzz worldwide. This surge was led by Bitcoin and later spread across the entire market. Bitcoin‘s price continued to hit all-time highs for days on end. One of the key factors behind the Bitcoin rally was the influx of investments into spot Bitcoin ETFs approved in January. A critical statement from a top executive at Blackrock today raised questions concerning altcoins.
Bitcoin Our Priority
Robert Mitchnick, Blackrock’s Head of Digital Assets, made a statement about cryptocurrencies. In his remarks, Mitchnick highlighted their focus on Bitcoin, effectively sidelining altcoins.
Blackrock official Mitchnick’s statement was as follows:
For our clients, Bitcoin is clearly the top priority. Ethereum and the rest occupy a very small space.
The crypto community wants Blackrock to launch products tied to other cryptocurrencies, but that’s not our focus.
Amid discussions of a potential Ethereum ETF and anticipation for a decision by May 23, a significant statement from a Blackrock executive has raised major questions.
Recently, the SEC made a significant move by initiating a campaign to classify Ethereum as a security. While all this was happening, altcoins continued to decline.
How Much Are Altcoins Worth Now?
The crypto market continued the day with a negative outlook. The decline that started after the recent FOMC meeting continued today. A review of the top 10 altcoins revealed that Solana (SOL) experienced the most notable drop. SOL’s price fell by 8% to trade at the $170 level.
Solana’s decline was followed by Ethereum (ETH). After the events, Ethereum’s price continued to fall, dropping by 5.28% to a level of $3,308.
None of the top 10 altcoins showed signs of an uptrend, with BNB being the strongest, only falling by 1.46% to the $550 level.
