IN 4 HOURS BITCOIN FALLED DUE TO LIQUIDATION OF $540 MILLION DOLLARS..
In a move that shocked the entire industry, Bitcoin's crash has caused more than $540 million to be liquidated from the crypto market in just 4 hours. It's true, the asset has fallen on fears of Spot Bitcoin ETF rejection. Specifically, the figure has dropped by 9% over the last 24 hours alone.
Financial services company, Matrixport , recently released a report anticipating a complete rejection of Bitcoin ETFs. Indeed, they expressed concern about the US Securities and Exchange Commission's (SEC) willingness to approve the product. In the end, they projected an initial rejection at the upcoming January 10 deadline.
Throughout the closing months of 2023, the Spot Bitcoin ETF decision dominated the digital asset sector. Experts across the board are discussing the potential impact of the agreement. Moreover, the possibility that such approval will occur in the first week of January is a common thought.
However, that is changing due to recent reports highlighting the potential for widespread resistance. Furthermore, the speculation has led to a massive drop in the price of Bitcoin, and more than $540 million was liquidated from the crypto market in the last 4 hours alone.
Bitcoin (BTC) celebrated the new year by surpassing the $45,000 mark for the first time since 2022. However, things quickly changed course, as in the last 24 hours the cryptocurrency fell by 9%. In turn, most of the gains on January 1 were clawed back, with massive liquidations occurring across derivatives exchanges.
Just last week, Reuters reported that approval for a Bitcoin ETF could come as soon as “Tuesday or Wednesday,” according to their sources. However, Matrixport noted the application's failure to meet “critical requirements” that would precede rejection of the investment product by the SEC.
