Bitcoin Slumps As $400 mn Liquidated
Bitcoin fell 8% on 3rd January due to skepticism surrounding the approval of a spot Bitcoin ETF. The slump retraced the January 1 upside move, leading to the liquidation of $500 million worth of positions across derivatives exchanges.
The market saw a stalemate, with weak crypto mining stocks and a sell-off in crypto-related U.S. stocks reinforcing skepticism.
Retuers reported that a bitcoin ETF could be approved as soon as Tuesday or Wednesday.
However, financial services firm Matrixport rebuffed optimistic expectations, stating that all applications fall short of a critical requirement that must be met before the SEC approves.
(With inputs from Shikha Singh)
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