U.Today - Bitcoin has achieved a new high for the year 2023, $36,864 on the Bitstamp exchange earlier today.
This surge marks a notable milestone in the cryptocurrency's recent rally, reflecting growing investor confidence due to the hype surrounding the seemingly imminent arrival of spot-based Bitcoin exchange-traded funds (ETFs).
ETF approval odds remain sky-high
As , James Seyffart of Bloomberg Intelligence cites a 90% chance of such approvals by Jan. 10 while hinting at a possible collective approval for current applicants.The SEC's pattern of delaying decisions for firms, including major players like BlackRock (NYSE:BLK) and Fidelity, suggests a strategic setup for a series of Bitcoin ETF (TSX:EBIT) launches following Grayscale's legal success.
Bitwise CIO Matt Hougan that it could be one of the most successful ETF launches ever. He expects it to attract massive inflows of over $50 billion in inflows within the first five years.
Significant liquidations sweep the crypto market
The past 24 hours have been tumultuous for traders, with a total of 49,689 traders liquidated, resulting in $148.42 million in liquidations, according to Coinglass .This volatility was not evenly spread across the market, as evidenced by the disproportionate number of short liquidations, which made up roughly 81.85% of total liquidations.
led the exchanges in terms of liquidation volume, followed closely by OKX, which also recorded the largest single liquidation order valued at $7.95 million.
These liquidations once again showcase the high-risk nature of cryptocurrency trading.