BTC - Bitcoin Ethereum Dogecoin Plummet As $600M Longs Liquidated In A Single Day: Analyst Says 'We Hold $41K And Pump To New Highs Towards $47K' | Benzinga
Major cryptocurrencies took a nosedive on Wednesday evening amid concerns about the possible approval of a spot Bitcoin ETF.
What Happened: Data from Coinglass shows that in the past 24 hours, over $600 million worth of cryptocurrency longs, (which are bets on higher prices with borrowed money) were liquidated.
Bitcoin experienced a rapid drop from approximately $45,000 to a low of $40,000 early on Wednesday. The decline coincided with the release of a report by Markus Thielen, published by Singapore-based digital asset firm Matrixport, predicting that the Securities and Exchange Commission (SEC) would reject all spot bitcoin ETF applications.
This contradicted the firm’s previous outlook just a day earlier, which had anticipated an imminent approval and a BTC surge to $50,000.
Jihan Wu, co-founder of Matrixport, downplayed the report’s role in the market downturn and said the recent weakness in cryptocurrency-related stocks as a potential indicator of waning momentum for digital assets.
While on holiday, I have more time than usual for writing. — Jihan Wu (@JihanWu) January 3, 2024
Matrixport, a small private firm based in Asia, is a considerable distance from New York, requiring a 17-hour and 55-minute flight. We don't receive insider information from U.S. regulators. To the best of my knowledge,…
“It’s unrealistic to believe that a Matrixport ...