Bitcoin ETF approval causes BTC to fluctuate wildly from $47,500 to $44,500
Today, the price of Bitcoin fell into the $44,000 range due to increased market volatility after the Securities and Exchange Commission approved several applications for spot Bitcoin ETFs.
Over the past 24 hours, Bitcoin peaked at $47,555 before plummeting below $44,500. Increased price movements resulted in the liquidation of more than $80 million in leveraged positions, most of them longs worth more than $47 million.
According to Coinglass, the total amount of liquidations in the last 24 hours for all leveraged cryptocurrency positions was $209 million. The majority of liquidations were long - $121 million, with shorts accounting for $88 million.
Liquidation in derivatives markets occurs when a trader's position is forced to close due to insufficient funds to cover losses. This situation occurs when market movements are unfavorable to a trader's position and deplete his initial margin or collateral.
