Sharp
declines
in
altcoins
led
cryptocurrency
markets
lower
on
Monday,
with
the
downturn
picking
up
speed
late
in
the
afternoon
following
what
turned
out
to
be
a
fake
corporate
registration
for
the
iShares
XRP
Trust.
XRP
briefly
spiked
as
much
as
10%
as
an
apparent
Delaware
corporation
registry
document
for
the
iShares
XRP
Trust
became
public.
The
document
was
similar
to
those
BlackRock
had
legitimately
filed
prior
to
its
formal
applications
for
spot
bitcoin
(BTC)
and
ether
(ETH)
exchange-traded
funds
(ETFs).
XRP
gave
back
the
entirety
of
those
gains
after
a
BlackRock
spokesperson
denied
any
affiliation
to
the
filing
and
currently
is
trading
down
1.8%
over
the
past
24
hours.
An
already
lower
crypto
market
was
shaken
up
further
by
the
fake
news.
SOL,
which
was
a
leader
of
the
altcoin
rally
by
more
than
doubling
in
price
in
a
month,
tumbled
to
an
8%
loss
over
the
past
24
hours.
LINK
and
AVAX
plunged
more
than
10%
and
13%,
respectively.
Cardano’s
(ADA),
Polkadot’s
(DOT)
and
dogecoin
(DOGE)
were
each
lower
by
5%-7%.
BTC
also
slumped
to
a
session
low,
now
off
roughly
2%
over
the
course
of
the
day
to
around
$36,500.
ETH
gave
up
earlier
gains,
now
flat
over
the
past
24
hours
and
holding
above
the
key
$2,000
level.
The
CoinDesk
Market
Index
(CMI),
a
basket
of
almost
200
crypto
assets,
was
down
more
than
2%.
JPMorgan
analysts
last
week
warned
in
a
report
that
the
crypto
rally
–
largely
fueled
by
excitement
about
spot
BTC
ETF
–
seems
“overdone”
as
investors
were
getting
overly
optimistic
about
the
prospects
of
new
capital
entering
the
digital
asset
space.
IntoTheBlock
head
of
research
Lucas
Outumuro
said
in
a
Friday
report
that
the
market
showed
signs
of
overheating
in
the
near-term
but
strong
on-chain
activity
suggested
that
the
crypto
winter
is
over.