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Bitcoin (BTC) rallied above $43,000 during Asian trading hours following news that BlackRock changed its spot exchange-traded fund (ETF) application to comply with Securities and Exchange Commission requirements and Exchange Commission (SEC) of the United States.
Data from Coinglass shows that the price movement liquidated $206 million across all assets of over 81,000 crypto traders over the past day. Long traders lost $107.82 million, while short traders were liquidated $98 million during the reporting period.
As for assets, BTC price speculators accounted for approximately $68 million, or 32%, of the total losses incurred: $42 million was liquidated from traders betting against further increases in BTC prices . In comparison, around $26 million was liquidated from long position holders.
Notably, Bitcoin further reduced its low Liquidation Susceptibility Index (LSI) score by just $11.72 million/%, the lowest level recorded by CryptoSlate. This change suggests that markets continue to mature with less leverage in the market betting against Bitcoin, with only $67.9 million liquidated following a 6% price change.
Ethereum saw liquidations on both long and short positions, with $18.38 million and $16.6 million, respectively.
Large-cap cryptocurrencies like Solana, XRP, and Dogecoin also saw notable liquidations totaling $7.66 million, $3.2 million, and $3.5 million, respectively.
Meanwhile, crypto traders using the troubled Binance platform accounted for more than 50% of the total losses suffered in the market. Users of the exchange lost $102.85 million over the past day, with the largest liquidation order being a long BTC position of $8.82 million.
The market rebounds
The current price performance represents a reversal of fortune for the leading cryptocurrency which had started the week slowly, falling to around $41,000 on December 18 amid a broader market decline.
However, its price rose following the announcement that BlackRock, the world’s largest asset manager and one of the applicants for a spot ETF, revised its filings with the SEC.
BlackRock’s new amendment revealed an IBIT market ticker and that affected transactions will take place in exchange for cash.
In a recent note to investors, Markus Thielen, head of research at Matrixport, affirmed that BTC is the top asset for this year, adding that more investors are wondering if they should allocate more capital next year.
Meanwhile, the top 10 cryptocurrencies, including XRP, Ethereum, Solana, and Avalanche, saw gains between 3% and 9%, respectively.
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