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Major cryptocurrencies plunged Wednesday night on concerns about the potential approval of a spot Bitcoin ETF.
| cryptocurrency | Gain +/- | Prices (recorded at 9:30 p.m. ET) |
| Bitcoin (Cryptocurrency: BTC) | -5.74% | $42,746 |
| Ethereum (Crypto: ETH) | -7.05% | $2,207 |
| dogecoin (Code:Doge) | -11.19% | $0.071 |
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what happened: Data from Coinglass shows that more than $600 million worth of crypto longs (bets on higher prices with borrowed funds) have been liquidated in the past 24 hours.
Bitcoin fell rapidly from around $45,000 to a low of $40,000 early Wednesday. This decline coincided with the release of a report by. Markus Thielen This was announced by Matrixport, a digital asset company based in Singapore. securities and exchange commission (SEC) Will Reject All Spot Bitcoin ETF Applications.
This contradicted the company's forecast a day earlier, which had predicted imminent approval and a rise in BTC to $50,000.
Jihan Wuco-founder of matrix portdownplayed the report's role in the market downturn, saying the recent weakness in crypto stocks is a potential indicator that digital assets are losing momentum.
“It is unrealistic to believe that the Matrixport report could cause a multi-trillion dollar market crash,” Wu posted on X Wednesday. “Also, while the price of Bitcoin remained stable, crypto stocks experienced unexpected declines in consecutive business days.”
The sudden drop came just a day after CNBC host and former hedge fund manager Jim Cramer spoke positively about Bitcoin, reversing his negative stance from October.
Top Gainer (24 hours)
| cryptocurrency | Gain +/- | Prices (recorded at 9:30 p.m. EDT) |
| Surname (Code: SEI) | +11.31% | $0.79 |
| akash network (Code: AKT) | +8.81% | $2.54 |
| bitget token (cipher:BGB) | +5.71% | $0.64 |
The global cryptocurrency market capitalization reached $1.73 trillion, decreasing by 1.23% in the past 24 hours.
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The Nasdaq Composite Index fell 1.18% to 14,592.21, continuing its downward trend for the fourth consecutive day. The S&P 500 ended down 0.80% at 4,704.81.
Investors appear to be selling off tech stocks that soared last year in anticipation of monetary easing in 2024. However, investors appear to have tempered their enthusiasm due to uncertainty over when the Federal Reserve will cut interest rates.
look more: best cryptocurrency scanner
Analyst Note: Virtual currency analyst michael van de poppe referred to the launch of the Bitcoin Spot ETF as a very important event in the history of Bitcoin.
“For the second time in a row, the market reacted to the 'intern' posting unconfirmed information. It's that easy to manipulate the market. Buy on the spurt and be patient.”
In another tweet about We want to buy at ~$39,000 and sell at $48,000 to $51,000. These are likely areas for Bitcoin for quite some time.”
Pseudonymous cryptocurrency analyst cryptotony “Very simply, we have $41,000 and are aiming for new highs towards $47,000.”
according to Santimento, a company specializing in on-chain analytics, the cryptocurrency market has experienced a contraction, causing a split among traders. Bitcoin's fall to $42.2,000 is a factor in today's BTC trading volume reaching its highest level since March 17th, with daily trading likely to surpass this year's high in the next few hours. There is.
Photo by FellowNeko on Shutterstock
Read next: Jim Cramer advises against using Binance, prompting strong reaction from Twitter users
“Start 2024 Strong with 3 Hot Stock Ideas – Virtually Free”
Are you ready to take advantage of the next 32%, 39%, or 45% upside potential in today's market? You're about to miss the 3 latest stock ideas from stock expert Gianni Di Poce. .One that can change your entire wealth creation journey. If you're ready to start 2024 strong with 12 hot stock ideas every month. Act quickly.
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