Bitcoin price rises above $45,000 in anticipation of potential spot BTC ETFs
Quick Take Bitcoin has broken through the $45,000 mark. BTC short positions were impacted, with over $6 million in shorts liquidated in the past hour.
The largest digital asset by market cap is changing hands for $45,035 at 8:00 a.m. ET, according to The Block's Price Page .
Bitcoin BTC +1.99% has broken through the $45,000 mark. Image: The Block's Price Page.
The spike in prices led to a substantial liquidation of leveraged positions on centralized exchanges. The volatility resulted in the liquidations of more than $8 million of bitcoin positions in the past hour, with the majority ($6 million) being shorts.
The overall crypto market saw over $10 million of liquidated short positions in the past, contributing to a total of around $15 million in liquidations across various centralized exchanges, according to CoinGlass data .
In derivatives markets, liquidations take place when a trader's position is forcibly closed due to insufficient funds to cover losses. This situation arises when market movements are unfavorable to the trader's position, resulting in the depletion of their initial margin or collateral.
Spot bitcoin ETF anticipation grows
The global cryptocurrency market cap hit $1.67 trillion on Monday, an increase of 0.89% in the past 24 hours. Expectations that the U.S. Securities and Exchange Commission (SEC) will approve several spot bitcoin ETFs at the same time is a likely catalyst for the current upward movement in the entire cryptocurrency market.
According to a recent Fox Business report , BlackRock, the world's largest asset manager and one of the firms vying to bring a spot bitcoin ETF to market, expects its application to be approved this Wednesday.
BlackRock is one of several firms which submitted updated 19b-4 filings last Friday for proposed spot bitcoin ETFs, alongside Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. Prospective issuers have also filed amended S-1 forms today setting out their prospective fee schedules .
Crypto proponents are eagerly awaiting the approval of spot bitcoin ETFs, believing these funds could inject billions of dollars in fresh funding into the sector. The recent surge in the price of bitcoin reflects the market's enthusiasm for the potential introduction of exchange-traded products that could allow institutional traders to directly hold bitcoin , rather than relying on speculation through futures contracts.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Goldman Sachs: The U.S. stock market will have a "final surge" in 2027, but what follows may resemble the period just before the 2000 bubble burst
Goldman Sachs warns that the three core variables driving the strong performance of U.S. stocks over the past four years—earnings growth, capital flows, and the AI narrative—have all deteriorated at the margin. It is expected that the S&P 500 will complete its last round of gains, after which, in 2027, it will face the largest net equity supply shock since the bursting of the internet bubble in 2000.
Nvidia (NVDA.US) stock plunges in after-hours trading amid Jensen Huang’s personal scandal and internal investigation
Due to personal scandals involving CEO Jensen Huang and the company's initiation of an independent investigation, Nvidia's stock price plummeted by over 4% during after-hours trading on November 8.
Tech stocks experience their worst week since the pandemic; Morgan Stanley: AI trading hits the "wall" moment in the marathon.
After more than two years of a strong bull run, the market once believed that the AI narrative was already more than halfway completed and victory was within reach. However, last week’s crash suggests that the real test may have only just begun.
Bitcoin Touches the 200-Day MA — Analyst Calls the 2-Month Correction Over
Crypto prices
More
