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Bitcoin Spot ETF: SEC Mishap provoca 220 milions de dòlars en liquidacions criptogràfiques
On Tuesday, the crypto market was taken by storm when a tweet emerged from the official X (formerly Twitter) account of the Comissió de Borsa i Valors dels Estats Units (SEC) saying all Spot Bitcoin ETF applications had been approved. This had been initially followed by a surge in price but this was short-lived as the price would crash shortly after. The reason for this was because Gary Gensler, chairman of the Commission, revealed that the tweet was fake and the regulator’s social media account had been compromised.
SEC Hack desencadena 220 milions de dòlars en liquidacions
In the wake of the wild Bitcoin price fluctuations that were triggered by the SEC’s hack, a large number of crypto traders found themselves with massive losses on their hands. According to dades from CoinGlass, over $220 million have been liquidated in the last 24 hours, leading to the second-largest liquidation event so far in 2024.
The website also notes that over 70,000 traders were victims of this liquidation event as well. Also, given that the price of Bitcoin and other assets in the crypto market had seen price fluctuations in both directions, both long and short traders were affected.
No obstant això, atès que la caiguda a la baixa s'ha mantingut durant més temps, els comerciants llargs s'han convertit en el grup amb més liquidacions durant aquest temps. Dels més de 220 milions de dòlars en liquidacions registrades, les operacions llargues van representar un 60.47% amb 133.5 milions de dòlars, mentre que el volum de liquidacions curtes va arribar a 87.29 milions de dòlars durant el mateix període de temps.
Bitcoin saw the largest single liquidation order during this time as well which took place on the ByBit exchange. A single trade worth $6 million was liquidated across the BTCUSD trading pair, with total liquidations on the crypto exchange coming out to $36.66 million. This falls behind market leader Binance with $83.88 million and OKX with $73.97 million.
Comercial Bitcoin ETF Is A Sell The News Event?
The debate of whether the Comercial Bitcoin ETF approval has already been priced in and if an announcement will lead to a decline in price has been waxing stronger over the last few weeks. Experts have chimed in to give their thoughts on what will follow an approval.
Crypto analyst Andrew Kang believes that approval would lead to a scramble among applicants to grab as much as possible from the $10 billion to $20 billion expected to come from fees. As such, they will all be at the forefront of marketing to push their ETFs.
On the flip side, renowned economist, Peter Schiff, believes that a spot ETF would actually not be good for the asset. Apparently, the advent of a spot Bitcoin ETF would mean that there is no longer any good news to trigger a price rally. As such, it would turn into a ‘sell the news’ event.
No obstant això, si el rendiment de dimarts és per alguna cosa, podria significar que l'ETF ja té un preu atès que hi va haver una caiguda del preu, fins i tot abans que la SEC descartés el tuit del compte piratejat.
Font original: NewsBTC