The reason behind the Pumping
-
In 2023, BTC price surges by nearly 161%, closing successfully above the psychological threshold of $40,000.
-
Bitcoin recently experienced an upswing, surpassing $45,000, reaching levels unseen since April 2022.
-
Two key events fuel the rise in Bitcoin prices: the fourth halving event and the pending decision by the US Security Exchange Commission (SEC) on spot BTC ETFs in the US.
Buy the rumor, sell the news
-
The cryptocurrency market grapples with "sell the news" sentiment amid resistance in Bitcoin and Ethereum.
-
Bitcoin experiences a brief surge, surpassing $45,000, followed by a sudden drop, erasing $550 million in long positions and $50 million in short positions.
-
Market turmoil ensues due to a Matrixport blog hinting at potential SEC delays in approving ETFs.
-
The notable drop occurs ironically alongside the release of a celebratory video from ETF applicants Galaxy and Invesco, commemorating Bitcoin's 15th birthday on January 3.
-
In the previous news, a decline of 8.51% from $45,300 to $41,400 leads to the liquidation of approximately $600 million in holdings.
-
Concurrently, total open interest experiences a sharp decline, moving from $18.66 billion to $17.72 billion.
-
The collective crypto market cap shrinks from $1.82 trillion to $1.72 trillion, witnessing a disappearance of over $100 billion.
-
On December 2nd, Bitcoin reached its peak at $45,900.
-
Bitcoin crashed by 8% in two hours, hitting a low near $41,500. Ethereum also experiences a 6% plunge during this flash crash.
-
Among the top 100 digital assets, over half experienced double-digit losses for the day.
-
Uncertainty increases as a crucial approval criterion remains unmet, possibly prolonging discussions until Q2 2024.
-
Coingabbar predicts a potential 20% Bitcoin price drop, ranging from $36,000 to $38,000, in case of ETF rejection, triggered by the liquidation of assets linked to ETF approval expectations.
What's the future of BITCOIN
-
Recent SEC meetings with stock exchanges on Spot Bitcoin ETFs introduce uncertainty.
-
Potential outcomes of these meetings may influence Bitcoin's integration into mainstream investments.
-
Despite a market rebound, investors eagerly await SEC insights into its stance on spot Bitcoin ETFs and their broader financial market impact.
-
The market rebounds, trading 2-5% above the recent low, having absorbed the impact of panic selling.
-
Investor optimism is high for a positive ETF outcome, instilling hope and confidence in the market.
from Coin Gabbar News https://ift.tt/ty28sZk
via IFTTT
