BitcoinThe bull market came to an abrupt halt Wednesday morning when the price of the cryptocurrency plummeted below $42,000 in a matter of minutes.
According to data from CoinGecko, the price of Bitcoin has fallen 7.3% in the past 24 hours, with the cryptocurrency currently down about 7.3%. $42,200. Bitcoin prices fell as low as $41,804 during the crash, offsetting gains seen last week.
According to data from CoinGlass, more than $550 million worth of long cryptocurrency positions were liquidated in the last 24 hours, including $104 million worth of Bitcoin purchases in the last hour alone.
Other cryptocurrencies in the top 10 plummeted along with Bitcoin. Ethereum down 8.8% to below $2,200. Solana It has fallen more than 15% in the last 24 hours, falling below $100. XRP tumbled more than 10%, Cardano fell 14%, and Avalanche fell 15%.
The price plunge comes as cryptocurrency markets brace for the SEC’s decision on whether to approve applications for multiple spot Bitcoin ETFs in the future, with some analysts speculating that this will be a “sell the news” event.
In a research note yesterday, Matrixport analyst Markus Thielen argued that contrary to the optimistic stance expressed by the SEC, it is likely that the SEC will reject all applications for a spot Bitcoin ETF in January. Bloomberg Intelligence JP Morgan analyst.