Sudden Collapse in Bitcoin and Ethereum Before ETF Decision: Liquidation of Over 200 Million Dollars Is Legal. What will be the LATEST situation in ETHERIUM?
Cryptocurrency markets experienced major volatility while awaiting the U.S. Securities and Exchange Commission (SEC) decision on VanEck's Ethereum ETF application. While Bitcoin (BTC) and Ethereum (ETH) experienced sharp declines in their prices, over 200 million dollars were liquidated in the market.
The price of BTC dropped over $2000 within minutes. The intense interest and price volatility in Bitcoin earlier this year is similarly seen in Ethereum. Bloomberg's ETF experts increased the forecast success rate for the Ethereum ETF from 25% to 75%, creating a positive atmosphere in the market. This increased expectations that the ETF could be approved by the end of the week.
Form 19b-4 of VanEck's Ethereum ETF is expected to be settled today. The SEC must reject or approve the decision, and Bloomberg's Eric Balchunas noted that he expects the SEC to announce its response around 4 p.m. today.
While the increased volatility was felt in the market, Ethereum had previously reached a multi-month high of $ 3950. However, it fell to around $3800, a decrease of approximately $200. Bitcoin, on the other hand, pushed for $70,000, but failed to achieve success and retreated to $67,600.
This volatility in the last hour has led to over $220 million in liquidations in the cryptocurrency market and nearly 80,000 overleveraged traders going under. The SEC's decision tonight is expected to further increase volatility in the market.