Bitcoin (BTC) Price Surges Above $37,000 Suddenly Despite SEC Delay on ETF Decision

Bitcoin price surged to $37,774 on the Bitstamp exchange earlier today.

This represents a substantial increase of almost 5% for the largest cryptocurrency by market value. The upward trend comes amidst the backdrop of the U.S.

Securities and Exchange Commission (SEC) delaying its decision on converting exchange-traded investment funds for Bitcoin futures contracts to spot prices.

The optimism persists despite delays from the European training institution regarding SEC approval for three Bitcoin exchange-traded fund applications, including those submitted by Hashdex, Franklin, and GlobalX. These delays were anticipated, and confidence remains high.

Leading analysts are citing a “very good chance” of approval at a 90% likelihood by January 10, 2024. It is emphasized that these delays should not be seen as a deterrent to the high approval prospects for the funds.

READ MORE The Buzz Surrounding Bitcoin ETF Resurfaces as Global X Amends Deposit

Market liquidation statistics in the past 24 hours have shown significant movements, with a total liquidation volume of $127.69 million, including $30.49 million in long positions and a substantial $97.20 million in short positions. There were $51.64 million worth of liquidations, with a 71.45% bias towards short positions.

Similarly, OKX witnessed $37.49 million worth of liquidations, again predominantly in short positions (78.47%).

Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.

#bitcoin #news