Bitcoin Achieves a New High in 2023, Reaching $36,864 on the Bitstamp Exchange Earlier Today.
This surge marks a significant milestone in the recent rise of the cryptocurrency, reflecting growing investor confidence due to the buzz surrounding the imminent approval of Bitcoin-based exchange-traded funds (ETFs). The chances of approval by the European Training Institution remain extremely high, as James Seifert of Bloomberg Intelligence suggests a 90% probability of such approvals by January 10, hinting at a possible collective approval for current applicants.
The Securities and Exchange Commission’s pattern of delaying decisions by companies, including major players like BlackRock and Fidelity, indicates a strategic setup for a series of Bitcoin ETF launches following Grayscale’s successful legal proceedings. It could potentially be one of the most successful ETF launches ever, expected to attract massive inflows exceeding $50 billion during the first five years.
Large-scale liquidations sweep the cryptocurrency market, as the past 24 hours have been turbulent for traders, resulting in a total of 49,689 liquidations amounting to $148.42 million according to Coinglass.
However, this volatility has not been evenly spread across the market, as evidenced by the disproportionate number of liquidations on margin, accounting for nearly 81.85% of total liquidation events. Leading the exchanges in terms of liquidation volume is BitMEX, followed closely by OKX, which also recorded the largest individual liquidation order worth $7.95 million.
These liquidation events once again highlight the high-risk nature of cryptocurrency trading.
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.