Bitcoin prompts traders to liquidate nearly $700 million.
Bitcoin (BTC) is facing a decline in its exchange rate, which has led to a significant increase in the daily liquidation volume on the crypto market. According to data from Coinglass, traders have liquidated positions worth $698 million in the past 24 hours.
The majority of these liquidations came from BTC, with $11.1 million worth of positions being liquidated. Most of these liquidations were from short positions. Ethereum (ETH) emerged as the second most popular asset for liquidation, with traders liquidating $5.57 million worth of positions, primarily from long positions.
These positions were mainly liquidated on popular crypto exchanges such as Binance, OKX, and Bybit. The largest liquidation order was the BTC-USDT position on the Huobi cryptocurrency exchange, amounting to $14.26 million.
On January 3, 2024, the exchange rate of Bitcoin experienced a sudden drop, plunging to $41,500. Currently, BTC is trying to stabilize above $42,800. This decline in the Bitcoin rate has also negatively affected the alt-coin sector, with most assets experiencing an average 13% decrease in value over the past 24 hours.
The collapse in Bitcoin’s rate occurred shortly after analysts at Matrixport revealed that the U.S. Securities and Exchange Commission (SEC) would not approve spot Bitcoin ETFs this month. It is believed that the agency will only register investment crypto-funds after the applicant companies meet all the requirements set by the SEC. Matrixport representatives anticipate that this could happen in the second quarter of 2024.
For more information, you can read about the potential listings of Bitcoin ETFs on major exchanges, as indicated by SEC meetings. Stay updated with the latest news by following us on Google News.
