Highest Liquidation in 2 Years
According to Michaël van de Poppe, founder of MN Trading, there were massive liquidations in the altcoin market, the largest in the past two years. While he doesn’t expect this to happen again soon, the spot market for Bitcoin is slowly recovering. Simeon Hyman, a global investment strategist, raised concerns about price discrepancies across exchanges and the risks associated with Bitcoin futures settlement processes.
Bitcoin ETF Will Build Market Optimism
Despite the recent sell-off, there is hope that the SEC will approve the first spot Bitcoin ETF, which could prevent a prolonged market downturn. The Fidelity Wise Origin Bitcoin Fund has filed Form 8-A with the Cboe BZX Exchange, but this is just the initial step. The ETF still requires 19b-4 approval and an effective S-1 document for listing.
SEC Officials Meet with Exchanges
SEC staff attorneys from the Division of Trading and Markets recently met with officials from major exchanges regarding the potential spot Bitcoin ETF approval. The SEC clarified that if a registration statement is declared effective, it will be reflected on EDGAR. Additionally, any 19b-4 orders will be posted on the SEC’s website and published in the Federal Register.
Hot Take: Market Cap Drops Amidst Losses
The global cryptocurrency market cap currently stands at $1.72 trillion, experiencing daily losses. Bitcoin’s price is around $42,800 with a 5% decline in the last 24 hours. Despite these setbacks, market optimism remains as investors await potential ETF approvals and regulatory developments.
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