Last night, after soaring to $38000, the price of Bitcoin suddenly plummeted by 6%, reaching a minimum of $35600 and currently fluctuating around $36000.Meanwhile, Ethereum quickly climbed to $2100 due to BlackRock's submission of Ethereum's spot ETF application to the SEC
Last night, after soaring to $38000, the price of Bitcoin suddenly plummeted by 6%, reaching a minimum of $35600 and currently fluctuating around $36000.
Meanwhile, Ethereum quickly climbed to $2100 due to BlackRock's submission of Ethereum's spot ETF application to the SEC.
Last night may have been a night of suffering for many investors. According to the spot price of Coin An, Bitcoin reached a peak of $37972 around 23:00 midnight, less than $30 away from the $38000 level, once again setting a new record for this year.
However, subsequent selling pressure emerged, and Bitcoin plummeted by over 6% in just one and a half hours, dropping as low as $35600, marking the most severe decline in about two weeks.
The current quotation is $36545, up 2.04% in the past 24 hours.
Ethereum Breaks Through $2100
However, in terms of Ethereum, BlackRock has confirmed that it has submitted a 19b-4 file with Nasdaq to the SEC to apply for Ethereum spot ETFs, which has given Ethereum a price boost.
At around 07:30 this morning, Ethereum's spot price peaked at $2132, with a current quotation of $2102, an increase of about 11% in the past 24 hours.
However, if Bitcoin continues to retreat, further time may be needed to observe whether Ethereum can continue to rise.
In the past 24 hours, a total of 490 million US dollars were sold out across the entire network, and over 150000 people were liquidated
According to Coinglas data, intense market fluctuations in the past 24 hours have led to up to 150000 investors being liquidated.
In these settlements, Bitcoin's exposure amount was approximately $167 million, ranking first, followed by Ethereum with over $81 million in exposure amount.
The total clearing amount of the entire market exceeds $490 million, while the clearing amount of short positions is slightly higher than that of long positions.
Top Ten Currencies Up and Down
According to data, the growth of the top 10 tokens in market value is generally similar to that of Bitcoin outside of Ethereum.
Among these tokens, Solana performed well, rising 6.84% in the past 24 hours.
On the contrary, XRP and Gougou Coin performed poorly, with a decline of over 3% in the past 24 hours.
Can Bitcoin spot ETF be approved for further increase?
Analysts at JPMorgan Chase are skeptical about the recent frenzy of cryptocurrency growth, as they believe it may seem excessive.
Analysts point out that the main factor contributing to the rise in cryptocurrencies over the past month seems to be the prospect of spot Bitcoin ETFs being approved in the United States.
Investors generally believe that if the spot Bitcoin ETF is approved, it will introduce new funds and may lead to the US Securities and Exchange Commission adopting a more lenient stance on cryptocurrencies.
However, these analysts are skeptical of these arguments.
Firstly, they believe that a more likely scenario is for existing funds to be transferred from existing Bitcoin products such as grayscale Bitcoin trusts, Bitcoin futures ETFs, and publicly listed Bitcoin mining, rather than new capital inflows supporting newly approved ETFs.
In addition, they emphasized that spot Bitcoin ETFs already exist in Canada and Europe, but have hardly attracted investor interest since their launch.
Therefore, they remain skeptical about whether new capital will flow into the newly approved spot Bitcoin ETFs in the United States.
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