BTC Above $28K On Spot BTC ETF Approval Prospect
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) prices rose through over the last 24-hours as market is buzzing with the spot bitcoin (BTC) exchange traded funds (ETFs) clearing the regulatory hurdles.
In fact, price of Bitcoin (BTC), the world’s most valuable cryptocurrency, shot above $30,000 mark momentarily as social media app X formerly Twitter circulated a false report of spot BTC ETFs acquiring regulatory approval.
The post was deleted after nearly 30 minutes but generated enough noise to impact prices and volume significantly. The report led to nearly $100 million in liquidations in the past hour.
Bitcoin has since retreated but it is currently resting at $28,314.23 up 4.24%.
Ethereum (ETH), the second largest crypto in market value, witnessed a somber rise of 2.42% at $1,594.44.
Interestingly, the SEC website shows no approvals for a spot bitcoin ETF. Bloomberg also reported that the BlackRock application is still under review.
It must be noted that the SEC decided last week not to appeal the loss in its case against Grayscale, which is thought to boost the chances of GBTC eventually being converted to a spot ETF.
The prospect of spot BTC ETFs bolstered investor participation leading to an increase in trading volume. BTC volume soared almost 60% as it continues to consolidate along an ascending trend line, holding above bullish formation with chances of fresh increases, analysts said.
The global crypto market cap jumped 3.31% to $1.08 tn, over the last 24-hours. Similarly, the total crypto market volume soared 221.70% to $59.92 bn. The total volume in DeFi is currently $3.09 bn and all stablecoins $55.79 bn, representing 5.16% and 93.11% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.76% to 50.77%.
IC15 index, the barometer of top fifteen tokens, surged 4.11% to 35,930.93.
Meanwhile, Nishad Singh, the latest member of Sam Bankman-Fried’s inner circle to testify, said his admiration for SBF turned to “shame” on discovering FTX execs enriched themselves with customer funds. Singh, who said he knew around $8 billion of FTX customers’ money had gone missing.
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