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Thursday, December 7, 2023

Bitcoin Skyrockets to $34,000 Triggering $326 Million In Liquidations

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Bitcoin (BTC) registered a yearly high above $34,000 on Monday amid ongoing excitement that a spot Bitcoin ETF approval may be on the horizon for U.S. investors.

As of writing, the asset’s gains have triggered $327 million in liquidations across the crypto market in the last 24 hours.

  • According to TradingView, Bitcoin traded for $31,629 at 22:00 UTC on Monday, before skyrocketing to $34,140 over the next 40 minutes.
  • Bitcoin now trades for $33,219, which is still higher than the asset’s yearly high from prior to this week at $31,400 on July 13. At the time, crypto markets briefly surged over the excitement of Ripple’s victory in its lawsuit against the Securities and Exchange Commission (SEC).
  • According to CoinGlass, over 81,000 crypto traders have been liquidated in the past day. The single largest liquidation took place on Binance for a BTC / USDT trade of $9.98 million.
  • On Monday, the Court of Appeals formally ordered the SEC to review Grayscale’s spot Bitcoin ETF application, which many suspect the agency now has little choice but to accept.
  • Furthermore, BlackRock’s proposed ETF – the iShares Bitcoin Trust – was listed with the Depository Trust & Clearing Corporation, which clears NASDAQ-based trades, under the ticker iBTC.
  • On Twitter, Bloomberg ETF analyst Eric Balchunas said that such a listing is “part of the process of bringing an ETF to market.”
  • “BlackRock’s moves are typical for an ETF expecting to launch in week or so,” he added, “but most of what else I heard would indicate a month or two.”

Bitcoin / USD. Source: TradingView

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