2023-10-24 05:22:20 ET
Bitcoin rose more than 12% in 24 hours to hit a new yearly high of $35,264 on Binance – BTC also traded to highs above $35,150 on Bitstamp and Coinbase. As the flagship cryptocurrency soared, altcoins followed suit, with Ethereum surpassing $1,800.
$400 million liquidated as BTC soars
BTC’s surge to a yearly high follows new news regarding the impending launch of a spot Bitcoin ETF. The feeling around this topic was
has driven expectations and prices higher in recent weeks
. However, the bulls have struggled to break above $31,000 and the year-to-date hurdle above $32.8,000.
While the latest Bitcoin ETF speculation proved to be a big catalyst for the bulls, nearly $400 million in long and short positions were liquidated in the past 24 hours. According to Coinglass data, this includes over $223 million for Bitcoin, over $57 million for Ethereum, and $10 million for Solana positions.
Data indicates that in the last 24 hours, more than 94,500 traders were liquidated. Coin Data
The largest liquidation order took place on crypto exchange Binance, with one trader holding a BTC/USDT position valued at $9.98 million rekt.
Why did the price of BTC climb today?
Bitcoin’s surge to a 17-month high was primarily driven by new speculation around a spot Bitcoin ETF. It follows
that BlackRock began purchasing BTC ahead of the potential approval of its ETF application by the SEC.
On Monday, it also emerged that the $9 trillion asset manager’s iShares Bitcoin had been added to the Depository Trust and Clearing Corporation (DTCC) website under the ticker $IBTC. According to Eric Balchunas, senior ETF analyst at Bloomberg, $IBTC’s listing on DTCC is indicative of the process in place to bring the ETF to market.
Another ETF-related news boosting sentiment is Grayscale’s app to convert one’s GBTC into a BTC spot exchange-traded fund.
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Bitcoin Pump to $35,000 Leads to $400 Million Liquidation
appeared first on Invezz.