Bitcoin and several other large-cap cryptocurrencies have experienced a rally following the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S. Despite the hype and enthusiasm surrounding the ETF approval, Bitcoin’s price performance was relatively flat, with a modest gain of 1.35%, trading at $46,258.
Some analysts had predicted that the ETF approval could lead to a “sell-the-news” reaction. Vetle Lunde, a senior analyst at K33 research, suggested that the price performance of Bitcoin following the SEC fake ETF approval rumors indicated a potential “sell-the-news” reaction. However, crypto analyst Michaël van de Poppe suggested that Bitcoin’s price might improve with the deal-flow on the ETF approval, potentially pushing Bitcoin’s price above $300,000.
Meanwhile, other top 10 digital assets by market capitalization, excluding stablecoins, recorded gains of more than 4% in the past day. Ethereum jumped 10% to over $2600, its highest value since May 2022. The SOL token also increased by 4%, reclaiming the $100 level, while ADA, BNB, Avalanche, XRP, and Dogecoin gained 14%, 5%, 13%, 6%, and 7%, respectively. The overall crypto market rose 4% to $1.77 trillion.
The price performance of these digital assets led to the liquidation of approximately $272 million from more than 85,000 traders. Bitcoin traders lost nearly $85 million during the reporting period, with most losses incurred by traders betting on a bullish price movement for the top cryptocurrency. On the other hand, Ethereum’s price surge resulted in significant losses for short traders betting against an upward price movement, with this group of traders losing $54 million. Long traders incurred approximately $30 million in losses.
The single most substantial liquidation was a $3.81 million short position against Ethereum on Binance. Other prominent assets such as Solana, XRP, and BNB also saw liquidations amounting to $12.53 million, $3.81 million, and $793,000, respectively. Traders on Binance and OKX accounted for more than $190 million of the total losses during the reporting period.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Michaël van de Poppe, Vetle Lunde |
| Companies | OKX, Binance, Coinglass, K33 Research |
| Currencies | Cardano, Ethereum, Avalanche, Bitcoin, Solana |
| Securities | None |
