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Bitcoin (BTC), the biggest digital asset on Wednesday reclaimed the $43k mark after a few days of retraction. <a href="https://news.todayq.com/mt-gox-fud-leading-to-bitcoin-price-decline/" target="_blank" rel="noreferrer noopener">BTC upward price movement</a> comes in when the crypto market recorded a liquidation of more than $221 million over the last 24 hours. However, Bitcoin price gained around 160% on the year to date (YTD) basis. Crypto liquidation reaches $221 million in 24 hours 
As per the data provided by Coinglass, more than 92k traders were liquidated in the last 24 hours. The largest single liquidation order was recorded on the crypto exchange Binance for ETHUSDT valued at $1.71 million. This liquidity event coincided with Bitcoin’s retreat after shedding 2.3% over the past two days. 
The market depicted mix signals as 71% (approx worth $158 million) of the total liquidations turns out to long positions. This suggests that the traders were anticipating a surge but Bitcoin price dropped below the $42k price level. Source: Coinglass 
Meanwhile, if we look at the chart of the last 1 hour, around $6 million worth of long and short positions got liquidated as Bitcoin regained the $43k price level. As per the data, 60% (approx worth $3.2 million) of these liquidations turned out to be short positions. Bitcoin price and ETFs 
The crypto market is closely monitoring regulatory developments, particularly the potential approval of the first US <a href="https://news.todayq.com/sec-sets-dec-29-deadline-for-spot-bitcoin-etf-amendments/" target="_blank" rel="noreferrer noopener">exchange-traded funds</a> (ETFs) directly investing in Bitcoin. The market anticipates that the US Securities and Exchange Commission (SEC) will grant permission for spot Bitcoin ETFs before January 10. This expectation has contributed to Bitcoin’s rally this year, driven partly by speculations that ETFs will stimulate fresh demand. 
Concerns linger about a “<a href="https://news.todayq.com/cathie-wood-expects-sell-on-the-news-with-bitcoin-etf-approval/" target="_blank" rel="noreferrer noopener">news selling event</a>” once the ETFs receive approval, as investors may “buy the rumor and sell the news.” The reaction of smaller tokens like Avalanche and Solana, as well as meme-crowd favorites like Dogecoin, may indicate market sentiment. Notably, BNB, the coin of the Binance exchange, has experienced a 10% climb amid the broader selloff. 
Bitcoin’s 2022 rally has been fueled by various factors, including expectations of declining interest rates in the US. Despite a precipitous crash in 2022, the cryptocurrency has rebounded, though it remains below its 2021 pandemic-era record of almost $69,000 million 
Discussions between the SEC and asset managers regarding Bitcoin ETFs have progressed to technical details, signaling potential imminent approval. Over a dozen firms, including BlackRock, WisdomTree, and Valkyrie, are awaiting SEC approval, with expectations pointing to early January for a decision. 
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Bitcoin regains $43k mark amid $221 Million crypto liquidation

Todayq News

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