Bitcoin and the overall crypto market experienced a surge in price following the news that Grayscale won a court battle against the SEC. This caused significant pain for traders who were over-leveraged, as short positions worth around $80 million were liquidated within an hour. Grayscale’s victory means that the SEC is now obligated to review the asset manager’s request to turn its Bitcoin Trust into an exchange-traded fund, although approval is not guaranteed. BTC’s price had been stagnant at around $26,000 for weeks but jumped by $2,000 to reach a multi-week high of nearly $28,000. Many altcoins, including BNB, SOL, MATIC, TONCOIN, LTC, BCH, AVAX, and XLM, also experienced significant increases of 5% to 10%. CoinGlass data shows that this sudden price movement resulted in a large number of traders being liquidated, with a total value of $85 million in the last hour, predominantly from short positions. BTC accounted for the majority of liquidated assets, with over $40 million worth being liquidated.
BTC and Altcoins Surge as Grayscale Wins Court Battle Against SEC
Bitcoin and the overall crypto market experienced a surge in price following the news that Grayscale won a court battle against the SEC. This caused significant pain for traders who were over-leveraged, as short positions worth around $80 million were liquidated within an hour. Grayscale’s victory means that the SEC is now obligated to review the asset manager’s request to turn its Bitcoin Trust into an exchange-traded fund, although approval is not guaranteed. BTC’s price had been stagnant at around $26,000 for weeks but jumped by $2,000 to reach a multi-week high of nearly $28,000. Many altcoins, including BNB, SOL, MATIC, TONCOIN, LTC, BCH, AVAX, and XLM, also experienced significant increases of 5% to 10%. CoinGlass data shows that this sudden price movement resulted in a large number of traders being liquidated, with a total value of $85 million in the last hour, predominantly from short positions. BTC accounted for the majority of liquidated assets, with over $40 million worth being liquidated.
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