Bitcoin (BTC) experienced notable price volatility last night following a fake news announcement that Bitcoin spot exchange-traded funds (ETFs) had been approved. After a significant increase to highs last reached in March 2022, there was a sharp drop in price. The large price fluctuations have led to a flood of liquidations in the crypto market.
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Crypto traders were liquidated en masse
Before the cryptocurrency world was turned upside down, the price of Bitcoin was still around $46,800. Then the American's official X account Securities and Exchange Commission When the company announced that Bitcoin spot ETFs had been approved around 10:15 p.m., the price shot to an all-time high of around $48,000 in just 15 minutes. The last time the price was at such a level was on March 29, 2022.
After reaching $48,000, selling pressure increased sharply and Bitcoin quickly fell to a low of $44,631. This corresponds to an overall decline of around 7 percent. After the low point, it became known that it was fake news; The SEC's X account was allegedly hacked.
The sharp price swings resulted in nearly $90 million in Bitcoin liquidations across both long and short positions. Total liquidations for Bitcoin in the last 24 hours are $86.22 million. Of this, $50.13 million was accounted for by long positions and $36.09 million by short positions.
Across the crypto market, $221.45 million worth of positions were liquidated in the last 24 hours. Of this, $133.46 million came from long positions and $88.06 million came from short positions.
The above data comes from Coinglass.
The Bitcoin price is under tension, the official ETF decision follows today
Overnight, Bitcoin moved mostly sideways around $46,000. The price has just experienced another sharp decline to a low of around $45,400. The current price is $45,645.
Today is the final deadline for the joint Bitcoin ETF application from ARK Invest and 21Shares. The regulator is expected to approve several ETFs. In any case, last night's developments have raised tensions in the crypto landscape to higher levels, resulting in a very volatile Bitcoin price.
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