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Sunday, April 14, 2024

Massive Bitcoin Volatility Amid Confusion Surrounding Spot BTC ETF Approval

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Bitcoin’s price went on a rollercoaster throughout the past hour as the confusion surrounding the approval of a spot BTC ETF by the US SEC continues.

Minutes ago, the agency published an order on its website that stated that the proposals for listing a spot Bitcoin ETF were approved. The order was accessible on this link from the official SEC website. The link itself was then removed, causing another wave of confusion throughout the crypto community.

Recall that yesterday, the SEC’s X account was compromised, and the perpetrator published a tweet stating that the long-awaited approval had been granted.

In any case, after another few minutes, the link was brought back up on the SEC website, indicating that the approval had finally been given.

The above sent Bitcoin’s price into tremendous volatility, as it tumbled below $45K almost immediately, only to recover to $46K minutes later.

Source: Binance

This resulted in close to $30 million worth of liquidated leveraged positions according to data from Coinglass.

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