Bitcoin BTC
-1.23%
It fell above $70,000 as high volatility led to increased liquidations.
On Tuesday, the price of Bitcoin briefly surpassed the $70,000 threshold. However, it quickly fell 3.5% to around $67,000, which led to a significant number of liquidations of leveraged positions across the market.
According to The Block’s pricing page, the largest digital asset by market capitalization is currently trading at $67,400. Bitcoin price is 8.5% short of its all-time high of $73,737 on March 14.
While the position has been approved Ethereum 
ETH
-1.97%
For ETFs yesterday, this volatility led to the liquidation of over $378 million in leveraged positions in the last 24 hours. According to CoinGlass, long positions accounted for $295 million of the total. data.
Ether was the leading cryptocurrency in these liquidations, with over $147 million liquidated, of which $105 million were long positions.
Liquidation occurs when a trader’s position is automatically closed because the trader lacks sufficient funds to maintain the position, often due to market movements that deplete initial margin or collateral.
Meanwhile, the ETH price has experienced significant volatility over the past day, falling back to $3,710 at the time of writing, before reaching a monthly high of $3,937. Nevertheless, the price of Ethereum has risen by more than 20% since the beginning of the week.
Major altcoins such as SOL, the native coin of the Solana network, fell slightly to $167, marking a daily decline of 4%.
The GM 30 Index, which represents the top 30 cryptocurrencies, rose 3.8% to 143 over the past 24 hours.
Bitcoin price chart | Source: The Block
Spot Ethereum ETF approved
The U.S. Securities and Exchange Commission (SEC) on Thursday approved eight spot Ethereum ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Franklin Templeton and Invesco Galaxy, just four months after approving a spot Bitcoin ETF. I did.
Spot Ethereum ETFs track the market price of Ether directly, allowing investors to invest in the asset without holding the cryptocurrency directly. This development was evident in the market dynamics of Grayscale’s Ethereum Trust, where the discount rate decreased from -24% to -6% just before approval.
Although the Form 19b-4 has been approved, the spot Ethereum ETF issuer’s S-1 registration statement must still be valid before trading can begin.
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