The cryptocurrency market is experiencing a surge.
Bloomberg analysts Eric Balchunas and James Seyffarth, who were previously very pessimistic about the approval of #MemeWatch2024 Spot Etf by the U. S. Securities and Exchange Commission, said in the latest update that they have received some information and increased the probability of approval to 75 percent.
According to analysts, the reason why they have limited the probability of approval to 75 percent is probably because they are not in a hurry to file the documents in the next few days. Thus, the analysts' opinion may be very strong.
However, after this news, the price of Ethereum rose sharply, increasing by about 7% in a matter of minutes.
On the other hand, although not as important as Ethereum, there are signs that Bitcoin's price will rise. According to CoinMarketCap, the world's largest #cryptocurrency has gained 2% in the last hour and is trading at $69,900 at the time of writing.
If you look at the liquidation data, you will see that $8,500 million dollars has been liquidated in the cryptocurrency market in the last 1 hour. Liquidation amounting to $80 million was done on short positions. If liquidation in Ethereum reaches $3,300 million, it will be $3,000 million in #bitcoin .
According to Onchain, whales have started to accumulate this altcoin!
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