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Bitcoin cash was a huge gainer on Monday, as the cryptocurrency rallied by as much as 14% in today’s session. The surge comes after Cointelegraph falsely suggested that Blackrock’s bitcoin ETF was approved by the SEC. An apology has since been issued, following the mistaken report. Solana also hit a multi-week high on the news.
Bitcoin Cash (BCH)
Bitcoin cash was already ahead of the pack Monday, and then rose by as much as 14% in today’s session, after it was alleged by Cointelegraph that Blackrock’s bitcoin ETF was approved by the SEC.
The tweet has since been removed, with an apology being issued by the company for the mistake.
BCH/USD peaked at $242.77 following the news, however it has since slipped, and is now trading at $229.43.
Despite retreating from earlier highs, the cryptocurrency remains over 8% higher than Sunday’s low of $213.10.
One catalyst for the rise was a breakout which occurred on the 14-day relative strength index (RSI).
Price strength moved past a ceiling at the 55.00 mark, and as of writing is tracking at 56.44.
Solana (SOL)
Solana (SOL) neared the $25.00 level to start the week, as bulls pushed price to a 14-day high.
After trading at a low of $21.71 on Sunday, SOL/USD raced to a peak of $24.41 earlier in today’s session.
This resulted in SOL hitting its highest level since October 2, however momentum has since shifted, with price now at $23.34.
Like with BCH above, a glide beyond a resistance zone appears to have been the signal bulls were waiting for to enter the market.
Currently, the index is tracking at 61.79, which comes following a surge past the aforementioned ceiling at 60.00.