Bitcoin Price Volatility
Bitcoin’s price recently experienced a surge and crash, leading to traders selling $230 million in Bitcoin to prevent losses as the price jumped to almost $48,000 before dropping back to the $45,000 range. Close to $140 million in leveraged long positions and $91 million in leveraged short positions were liquidated during this period.
False News Liquidation
The recent price fluctuations led to the liquidation of over $90 million worth of leveraged Bitcoin positions, contributing to a total of $230 million in liquidations for all leveraged crypto assets. The annualized Bitcoin volatility has reached 50.97%, marking a multi-week high due to excitement over the potential approval of spot Bitcoin ETFs.
Market Speculation
Market speculation about the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission has heightened volatility in the cryptocurrency market. While some predict a price surge with the approval of such a fund, a report by CryptoQuant suggests that the market is vulnerable to sudden price corrections.
Hot Take: Bitcoin’s Future
The ongoing volatility in the cryptocurrency market, coupled with the pending decision on spot Bitcoin ETFs, has kept Bitcoin’s price above $45,000. However, the recent price fluctuations and the potential for a price correction suggest that the market remains unpredictable despite increasing demand for digital currencies. The circulating supply of bitcoin in profit has reached a staggering multi-year high of 90.23%, indicating the possibility of a price correction.
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