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INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Dec 04, 4:08 AM EST World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Crypto Crypto Business Bitcoin Unstoppable As It Explodes Above $41K, Triggers $190M Liquidations By Nica Osorio @nicaIBTimes 12/04/23 AT 4:08 AM EST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Bitcoin standing on edge amongst other scattered bitcoins. QuoteInspector.com/flickr KEY POINTS Bitcoin rallied above $41,000, a value not seen since April 2022 The surge could be due to the optimism surrounding spot BTC ETF applications Bitcoin was trading in the green zone at $41,418.72 as of 4:10 a.m. ET on Monday Bitcoin, the world's largest crypto asset by market capitalization, is unstoppable with its value exploding above the $41,000 threshold and triggering nearly $150 million in liquidations. Bitcoin traded above the $41,000 price level, a value last seen in April 2022. The positive sentiment surrounding the world's first-ever crypto asset and the hype on the imminent approval of the highly-awaited spot Bitcoin ETF applications may be among the major factors behind the continued upsurge of BTC. However, Bitcoin's latest move also caused $190 million worth of liquidated derivates, $150 million of which was in short positions, as per CoinGlass data . Moreover, Bitcoin Dominance, the metric used to gauge BTC's shares relative to the entire cryptocurrency market, saw a surge following the price rally and currently stands at 50.5%, underlining that the king of crypto performed extremely well compared to the altcoin market. ETF analysts at Bloomberg Intelligence stood firm in their forecast that the odds of spot Bitcoin exchange-traded fund (ETF) approvals happening by January remains at 90%. Reaffirming his earlier prediction on the proposed crypto investment vehicle, ETF analyst Eric Balchunas last week said, "People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we've had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs. cash creates." The ETF analyst also highlighted that the SEC communicating with spot Bitcoin ETF issuers behind the scenes may point to the regulator's willingness to see the launch of the investment product. "But the imp [important] thing that gets lost in the debates over exact dates and comments and timeline is the SEC and issuers are working hard behind the scenes to get these ETFs ready to go THIS CYCLE, which most said wouldn't happen. That's the bottom line," Balchunas added. I've gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas . TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV — James Seyffart (@JSeyff) October 13, 2023 Bitcoin was trading in the green zone at $41,418.72 as of 4:10 a.m. ET on Monday, with a 24-hour trading volume up by 158.11% at $25.05 billion. BTC's price action has represented a 4.85% decrease in the past 24 hours and an 11.2% gain in the last seven days. Data from CoinMarketCap showed that its circulating supply stands at 19.56 million BTC, while its value continues to fall by 4.85% at a $809.71 market cap. Read more Cathie Wood's ARK Invest Dumps Coinbase, Adds More Robinhood Stock Bitcoin Soars To $38,000 Amid Spot ETF Approval Anticipation And MicroStrategy's BTC Accumulation MicroStrategy Inflates Bitcoin Stash Ahead Of Anticipated BTC ETF Approvals; Owns 0.9% Of Circulating Supply Bitcoin © Copyright IBTimes 2023. All rights reserved. Join the Discussion MOST READ IN Crypto 1 Do Kwon Suffers Another Major Legal Defeat Amid Imminent Extradition From Montenegro 2 Bitcoin Soars Past $40,000 On Optimism For US Trading Approval 3 SEC Under Fire As US Judge Threatens Sanctions Over 'Misleading' Claims In Crypto Case 4 Binance VIP Traders Tipped Off By Executives Ahead Of DOJ Settlement: Report 5 Cathie Wood's ARK Invest Dumps Coinbase, Adds More Robinhood Stock NEWS World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Opinion Featured Social Capital Glossary SMB Forum Spotlight Crypto K-Wave CEO Spotlight ABOUT About Us Contact us Advertise with us Terms & Conditions Privacy Policy Cookie Policy Editions United States Australia Brazil Colombia France Germany Indonesia India International Italy Editions Japan Nigeria Singapore South Africa South Korea Spain Mexico United Kingdom FOLLOW US Facebook Twitter LinkedIn Newsletter © Copyright 2023 IBTimes LLC. All Rights Reserved.
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