Bitcoin, Ethereum, Dogecoin Take A Hit, Decline, After Fake BlackRock XRP Trust Filing News: Analyst Predicts $50K As Next Big Target For Apex Crypto | Markets

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The cryptocurrency market saw a sharp decline on Monday, with major cryptocurrencies experiencing a notable downturn in the late afternoon hours. The market’s volatility was exacerbated following the discovery that the corporate registration purportedly filed for the iShares XRP Trust was, in fact, a hoax.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD -0.70% $36,345
Ethereum ETH/USD -1.19% $2,043
Dogecoin DOGE/USD -2.09% $0.074

What Happened: XRP’s XRP/USD value surged by 10% following the circulation of what appeared to be an official Delaware corporation registry document for the iShares XRP Trust. This document bore a resemblance to authentic filings previously made by BlackRock Inc BLK for bitcoin and ether exchange-traded funds (ETFs).

The rally was quickly undone, and the gains were erased within the next thirty minutes following confirmation from Bloomberg ETF analyst Eric Balchunas that the filing was a forgery. Balchunas revealed that the listing for the XRP trust on the Delaware corporate registry was likely a case of impersonation involving BlackRock’s managing director, Daniel Schwieger.

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Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Klayton +18.49% $0.17
Celestia +17.61% $5.23
Filecoin +16.11% $5.50

The global crypto market cap currently stands at $1.41 trillion, reflecting a decrease of 0.44% in the past 24 hours.

The S&P 500 barely moved as investors braced for upcoming inflation data. The index closed slightly lower, dropping by 0.08% to finish at 4,411.55. Meanwhile, the Nasdaq Composite edged down by 0.22%, ending the day at 13,767.74, 

Investors’ focus is now on the consumer price index for October, set to be released on…

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