major cryptocurrencies spurted briefly late thursday following the news that the ishares unit of blackrock filed to the securities and exchange commission sec to launch a spot bitcoin etf what happened bitcoin on wednesday dropped below 25000 to a threemonth low as crypto investors continue to remain apprehensive about the market major altcoins have been floundering with tether’s usdt stablecoin being knocked off its 1 peg blackrock the asset management giant has initiated the process of launching a spot bitcoin exchangetraded fund if approved the fund will pave the way for investors to gain easy access to the cryptocurrency the ishares bitcoin trust which has been proposed by the company would offer a convenient means for investors to gain exposure to crypto in a product from one of the largest players in the finance space the shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring holding and trading bitcoin directly on a peertopeer or other basis or via a digital asset exchange the filing said at the time of writing the global crypto market capitalization stood at 103 trillion an increase of 081 over the last day the us stock market demonstrated a bullish trend as investors speculated that the federal reserve’s rate hike journey was nearing its end after the central bank decided to skip a hike this week this resulted in a significant upward surge with the sp 500 soaring 122 and the nasdaq composite gaining 115 in the last 24 hours see more best crypto day trading strategies analyst notes crypto headlines remain mixed which is not helping bitcoin rebound from its recent lows another bankrupt crypto exchange in the spotlight as bittrex tries to allow withdrawals blackrock nears the filing of a bitcoin etf said edward moya senior market analyst at oanda it is hard to get excited about cryptos when some of the favorite ones with what was believed to have attractive growth potential might be deemed securities until the regulatory environment is better cryptos might struggle here he adds crypto analyst michael van de poppe shared the total3 chart which shows crypto has entered the depression stage of the cycle currently it is retesting the lows and may potentially make a slightly new one before continuing the upwards grind overall the outlook is positive and the chart is poised for further gains total3 is a popular charting method on tradingview that shows the total market cap of all the cryptocurrencies excluding bitcoin and ethereum veteran trader peter brandt is sounding the alarm that bitcoin may be on the verge of a significant downward move brandt believes that bitcoin may experience a sharp move to the downside citing a downward trend in both 18day and 8day moving averages as indicators for a potential critical price levelhinged to downside for now read next jim cramer advises against using binance provokes strong reactions from twitter users