Due to the cryptocurrency market becoming anxious before November 17th, Bitcoin prices fell nearly 5% on Tuesday, below the level of $35500.This resulted in the liquidation of a long position of $119
- Due to the cryptocurrency market becoming anxious before November 17th, Bitcoin prices fell nearly 5% on Tuesday, below the level of $35500.
- This resulted in the liquidation of a long position of $119.246 million and a reduction of $90 million in Bitcoin open positions.
- Under enormous selling pressure, counterfeit coins were also cleared, and the total liquidation amount of counterfeit coins reached $194.57.
Bitcoin (BTC) holders and the entire cryptocurrency market have been waiting for progress from the US Securities and Exchange Commission (SEC), which recently announced that financial regulators only have eight days to approve spot BTC exchange traded funds (ETFs). With the rapid closure of the window period, the market has become increasingly anxious.
Bitcoin fell 5%, closing a long position of $120 million
Due to growing concerns about the US Securities and Exchange Commission (SEC) news, Bitcoin (BTC) prices fell nearly 5% in early trading on Tuesday in New York. With only three days left until the deadline, the SEC has yet to clarify or imply whether it will approve or reject ETF applications, resulting in negative market reactions.
Since Saturday's sell-off, the King of Cryptocurrencies has been performing weakly.
BTC/USDT1 daily chart
This move resulted in the liquidation of nearly $120 million in BTC long positions, as those trying to lead the SEC's decision were caught off guard.
Bitcoin Clearing
In addition to long positions, short positions of up to $6.14 million were also liquidated after the stop loss was hit. Through this measure, the total amount of approximately $90 million in open positions was eliminated within 24 hours, increasing from $16.5 billion to $16.41 billion.
Bitcoin Open Position Contracts
Counterfeit coins are also affected
As previously reported, counterfeit coins have also been affected, with a total liquidation amount of $194.57 million. Under enormous selling pressure, many counterfeit coins have plummeted, with their market value falling by 4% to 10% across the board. Prior to this, spot ETF speculation led to market inflation, leading investors to bet on counterfeit currency. In the past few days, counterfeit coins have risen significantly, but the delayed impact that Bitcoin first felt has extended to counterfeit coins.
However, despite the disaster, the US Securities and Exchange Commission still has about three days until the window is closed, otherwise traders may have to wait until January 10, 2024, which is the final deadline that the US Securities and Exchange Commission must announce for 12 applications in any case.
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