Mon. May 27th, 2024

Bitcoin ETF Approval confirmed As a Rumour. What is Next for Bitcoin?

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BTC reached a 30k high for the first time in more than one month. But the euphoria was short-lived as what bitcoin bulls thought was their magic wand, turned out to be just a stick.

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ETF Approval

Bitcoin spot ETFs have been eagerly awaited by the cryptocurrency market, with BlackRock leading the charge. BlackRock’s application for a Bitcoin spot ETF was submitted on August 26, 2021, and since then, a multitude of other asset managers have followed suit, queuing up behind BlackRock in anticipation of regulatory approval from the U.S. Securities and Exchange Commission (SEC). 

The cryptocurrency community and investors have also been anxiously awaiting the SEC’s decision, as the approval of these ETFs would mark a significant milestone in legitimising and integrating cryptocurrencies into traditional financial markets.

Bitcoin’s Reaction To the News

The markets went Agog on Monday the 16th when news that the SEC had approved Blackrock’s Bitcoin spot ETF application. This created a shockwave that took btc from 27431.8 to 30726.3 a 4.96% increase.

What happened next?

Blackrock came out to clear the air on that, stating unequivocally that the ETF is still under review and has not been approved yet. Bitcoin price quickly dropped to 27719.6 in less than an hour.

Liquidations

According to data from Coinglass, the cascade of liquidations totaled $71.36 million as the brief crypto rally rapidly reversed course. The overall liquidation at press time ever since the fake news dropped stood at $114.7 million.

Lookonchain data showed that the FOMO caused many users to lose money. A whale bought 20.5 WBTC using 613,201 USDC. However, they would sell it for a loss of $49k in just 10 minutes.

What now for bitcoin?

Bitcoin has since returned to its previous high at 28549.7 and has stayed in that range since monday. Data from coinglass has however shown the open interest for bitcoin is slowly building up and this indicates a great time for a potential buy.

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