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Home»ADOPTION NEWS»Bitcoin price falls below $43,000 as ETF approval increases market volatility
ADOPTION NEWS

Bitcoin price falls below $43,000 as ETF approval increases market volatility

By Crypto FlexsJanuary 14, 20243 Mins Read
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Bitcoin price falls below ,000 as ETF approval increases market volatility
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price of bitcoin It fell below the $43,000 mark on Friday as market volatility increased due to the Securities and Exchange Commission’s (SEC) approval of a multi-spot ETF application.

that much High volatility over the past day has caused Bitcoin to plummet below $43,000 after reaching nearly $49,000. More than $80 million worth of leveraged Bitcoin positions were liquidated due to increased price volatility. Most of these leveraged positions were long positions, resulting in a loss of over $47 million.

Total liquidation volume across all leveraged cryptocurrency positions in the last 24 hours reached $209 million, according to Coinglass data. Most liquidations were through purchases, with $121 million liquidated and approximately $88 million coming from short positions that were liquidated.

In derivatives markets, liquidation occurs when a trader’s position is forced to close due to insufficient funds to cover losses. This situation occurs when market movements are against the trader’s position and the initial margin or collateral is depleted.

Increased market volatility and trading volume

Volatility, which has shaken many leveraged positions, has increased compared to the previous month. Current year-to-date Bitcoin volatility has increased to 46.5% from a mid-December low of 42.9%, according to The Block’s data dashboard.

Bitcoin BTC

+0.34%
According to The Block’s, on-chain transaction volume rose to $41.5 billion, the highest in 12 months. data.

While the decline in Bitcoin price could be interpreted as a “news selling event,” one analyst suggested that the approval of several spot Bitcoin ETFs gives the asset institutional approval.

According to Copper research director Fadi Aboualfa, the approval of a spot Bitcoin ETF suggests that the SEC considers the cryptocurrency market to be mature. “It shows that the SEC believes that the cryptocurrency markets are actually efficient and transparent, and that there is no market manipulation that would prevent it from protecting investors, which is central to its mission,” Aboualfa told The Block.

According to The Block’s pricing page, the price of the world’s largest cryptocurrency by market capitalization has fallen more than 7.9% over the past 24 hours, falling to $42,592 at 5:12 PM ET.

(Updated with the latest Bitcoin price.)


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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