Bitcoin fell in price by more than $2,000 in a few hours and tested the area below $41,000. A large-scale sell-off led to the liquidation of long positions worth more than $500 million
The cryptocurrency market was covered by a tsunami of liquidations. According to Coinglassover the past four hours, the volume of liquidated positions exceeded $500 million, with $492 million coming from long positions and another $30 million from short positions.
The majority of forcedly closed positions were in BTC and ETH ($112 million and $90 million, respectively). SOL, XRP and LTC were also hit hard. The largest liquidation occurred on the OKX crypto exchange, where a long position worth $237.40 million was closed.
The market sale began after publication the Matrixport reportin which company analysts reported that the US Securities and Exchange Commission (SEC) will likely reject all applications to launch Bitcoin spot ETFs.
“While everyone is looking to the SEC for approval, we believe all filings will need to be amended to meet the key requirement. This will likely result in ALL of them being rejected in January,” the report states.
At the same time, on January 2, the company claimed that the regulator would approve new cryptocurrency instruments this week. Then their report provoked a rise in BTC above $45,000 and a massive liquidation of short positions.
BTC price forecast for 2024: what will happen after the approval of a Bitcoin ETF
What’s happening with Bitcoin
BTC fell in price by more than $2,000 in less than an hour and tested the area below $41,000. At the moment, the main cryptocurrency reached $40,690.
Intraday dynamics of Bitcoin (BTC/USD). Source: Coinmarketcap
The sharp rise comes amid another wave of speculation surrounding the approval of applications for a spot Bitcoin ETF by the US Securities and Exchange Commission this week and the opening of trading on the CME.
At press time, BTC is trading near $42,500, down 6.5% on a daily basis.
The latest events from the world of cryptocurrencies, analytics and forecasts – all the most interesting in our news Telegram channels. Subscribe so you don’t miss anything important.
Disclaimer
All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only. The reader bears full responsibility for any actions he takes on the basis of the information received on our website.
2024-01-03 13:05:54
#Bitcoin #BTC #crashed #bulls #lost #million #positions
