The prices of Bitcoin and Ethereum have fluctuated significantly, with nearly $500 million in net exposure and over 150000 people liquidated. Among the two mainstream cryptocurrencies, Bitcoin and Ethereum, Bitcoin has always been the focus of market attention
The prices of Bitcoin and Ethereum have fluctuated significantly, with nearly $500 million in net exposure and over 150000 people liquidated. Among the two mainstream cryptocurrencies, Bitcoin and Ethereum, Bitcoin has always been the focus of market attention.To learn more about the relevant knowledge and cutting-edge information of the coin circle, please feel free to consult me at LSTT0193. We have the most professional community that publishes daily market analysis and recommends high-quality potential currencies
Last night, around 23pm, the price of Bitcoin hit a new high this year, approaching the $38000 mark. However, subsequent selling pressure emerged, and Bitcoin prices plummeted by over 6% in a short period of time, reaching a minimum of $35600, marking the most severe decline in about two weeks. At the same time, Ethereum's price significantly increased due to BlackRock's submission of Ethereum's spot ETF application to the US Securities and Exchange Commission (SEC). As a result, the entire network sold out nearly 500 million US dollars, and over 150000 people were liquidated. This article will analyze the above events. The price of Bitcoin has fluctuated significantly, with nearly $500 million in net exposure and over 150000 people liquidated.
What does this market performance mean? By comparison, can Ethereum continue to rise? According to Coinglas data, up to 150000 investors have been liquidated in the past 24 hours, with a total net exposure of over $490 million, with more short positions being liquidated and higher positions being liquidated. Although the price of Bitcoin has experienced significant fluctuations in a short period of time, cryptocurrency, as an emerging investment product, its price volatility is inevitable. Therefore, investors should remain calm and not blindly follow the trend. They should invest according to their risk tolerance to avoid risks caused by excessive investment. In contrast, Ethereum's price significantly increased due to BlackRock's submission of Ethereum's spot ETF application to the US Securities and Exchange Commission (SEC).
At around 7:30 this morning, the highest spot price of Ethereum reached $2132, and it is currently at $2102, an increase of about 11% in the past 24 hours. However, it remains to be seen whether Ethereum can continue to rise if Bitcoin continues to decline. The increase in market value of the top ten tokens, except for Ethereum, is generally close to that of Bitcoin. Solana saw a relatively high increase, with a 6.84% increase in the past 24 hours. XRP and Gougou Coin, on the other hand, have experienced significant declines, both exceeding 3% in the past 24 hours. Analysts at JPMorgan Chase have expressed skepticism about the recent surge in Bitcoin prices, believing that cryptocurrencies have risen excessively. The biggest factor contributing to the rise in cryptocurrency prices over the past month seems to be the prospect of spot Bitcoin ETFs being approved in the United States.
However, there is currently no exact approval schedule, and it remains to be seen whether Bitcoin prices can rise again. Although the price of Bitcoin has experienced significant fluctuations in a short period of time, cryptocurrency, as an emerging investment product, its price volatility is inevitable. Investors should remain calm and not blindly follow the trend. They should invest according to their risk tolerance to avoid risks caused by excessive investment. At the same time, regulatory authorities should also take measures to regulate cryptocurrencies reasonably to protect the interests of investors and market stability. The US Securities and Exchange Commission (SEC) recently approved the application for a spot Bitcoin trading fund (ETF) for grayscale Bitcoin trusts, which is seen by many as a significant development in the cryptocurrency market. However, analysts hold different opinions on whether this decision can truly affect the cryptocurrency market.
Some investors believe that this decision will bring new funds to the cryptocurrency market and may lead to the SEC adopting a more lenient approach to cryptocurrencies. However, analysts are skeptical of these arguments. Firstly, they believe that a more likely scenario is the transfer of existing funds from existing Bitcoin products such as grayscale Bitcoin trusts, Bitcoin futures ETFs, and publicly listed Bitcoin mining, rather than new capital entering the crypto industry to invest in newly approved ETFs. Secondly, they pointed out that spot Bitcoin ETFs already exist in Canada and Europe, and have hardly attracted investor interest since their launch. Therefore, they remain skeptical about whether new capital will enter the newly approved spot Bitcoin ETFs in the United States. In addition, analysts believe that the newly approved ETF is not a silver bullet in the cryptocurrency market.
They pointed out that this decision will not change the fundamentals of cryptocurrency, nor will it affect the price of Bitcoin. On the contrary, it only provides a new option for investors who hope to reap the soaring profits of Bitcoin through ETFs. However, for investors who truly believe in Bitcoin technology and its future potential, they still need to conduct their own research by comparing Bitcoin, rather than relying solely on ETFs. In addition, there are some concerns that this decision may trigger more scrutiny and regulation by the SEC. Although the SEC has approved spot Bitcoin ETFs, they remain cautious about the cryptocurrency market and have rejected applications for multiple cryptocurrency ETFs. Therefore, they may adopt a more cautious stance towards the cryptocurrency market rather than a more relaxed policy.
Overall, although the approval of the spot Bitcoin trading fund application of Gray Bitcoin Trust by the SEC is considered a significant development in the cryptocurrency market, analysts hold different views. They believe that a more likely scenario is the transfer of existing funds from existing Bitcoin products, rather than new capital entering the encryption industry to invest in newly approved ETFs. In addition, they believe that the newly approved ETF is not a silver bullet in the cryptocurrency market, nor will it change the fundamentals or prices of Bitcoin. Finally, they are concerned that this decision may trigger more scrutiny and regulation by the SEC. In this situation, we believe that investors should maintain a cautious attitude towards the cryptocurrency market and conduct their own research on cryptocurrencies, rather than relying too heavily on ETFs.
In addition, we also hope that the SEC can strengthen its supervision of the cryptocurrency market, ensure stable market development, and provide investors with a safer investment environment. Finally, we would like to ask readers, in your opinion, what impact does the newly approved spot Bitcoin trading fund have on the cryptocurrency market? Do you think the SEC should adopt more relaxed policies to support the development of the cryptocurrency market?
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