Bitcoin

April

Spot

<h3 id="span-data-font-font-size-style-font-size-18px-the-reason-behind-the-pumping-span-br">The reason behind the Pumping </h3>
<ul>
 <li>In 2023, BTC price surges by nearly 161%, closing successfully above the psychological threshold of $40,000.</li>
 <li>Bitcoin recently experienced an upswing, surpassing $45,000, reaching levels unseen since April 2022.</li>
 <li>Two key events fuel the rise in Bitcoin prices: the fourth halving event and the pending decision by the US Security Exchange Commission (SEC) on spot BTC ETFs in the US.</li>
</ul>
<h4>Buy the rumor, sell the news</h4>
<ul>
 <li>The cryptocurrency market grapples with "sell the news" sentiment amid resistance in Bitcoin and Ethereum.</li>
 <li>Bitcoin experiences a brief surge, surpassing $45,000, followed by a sudden drop, erasing $550 million in long positions and $50 million in short positions.</li>
 <li>Market turmoil ensues due to a Matrixport blog hinting at potential SEC delays in approving ETFs.</li>
 <li>The notable drop occurs ironically alongside the release of a celebratory video from ETF applicants Galaxy and Invesco, commemorating Bitcoin's 15th birthday on January 3.</li>
 <li><a href="https://www.coingabbar.com/en/crypto-currency-news/rumors-let-to-be-the-free-fall-of-bitcoin-prices" class="f-link" rel="noopener noreferrer nofollow">In the previous news</a>, a decline of 8.51% from $45,300 to $41,400 leads to the liquidation of approximately $600 million in holdings.</li>
 <li>Concurrently, total open interest experiences a sharp decline, moving from $18.66 billion to $17.72 billion.</li>
 <li>The collective crypto market cap shrinks from $1.82 trillion to $1.72 trillion, witnessing a disappearance of over $100 billion.</li>
 <li>On December 2nd, Bitcoin reached its peak at $45,900.</li>
 <li><a href="https://www.coingabbar.com/en/price-analysis/bitcoin-frenzy-bulls-roar-but-is-a-correction-looming" class="f-link" rel="noopener noreferrer nofollow">Bitcoin crashed</a> by 8% in two hours, hitting a low near $41,500. Ethereum also experiences a 6% plunge during this flash crash. </li>
 <li>Among the top 100 digital assets, over half experienced double-digit losses for the day.</li>
 <li>Uncertainty increases as a crucial approval criterion remains unmet, possibly prolonging discussions until Q2 2024.</li>
 <li><a href="https://www.coingabbar.com/" class="f-link" rel="noopener noreferrer nofollow">Coingabbar</a> predicts a potential 20% Bitcoin price drop, ranging from $36,000 to $38,000, in case of ETF rejection, triggered by the liquidation of assets linked to ETF approval expectations.</li>
</ul>
<h4>What's the future of BITCOIN</h4>
<ul>
 <li>Recent SEC meetings with stock exchanges on Spot Bitcoin ETFs introduce uncertainty.</li>
 <li>Potential outcomes of these meetings may influence Bitcoin's integration into mainstream investments.</li>
 <li>Despite a market rebound, investors eagerly await SEC insights into its stance on spot Bitcoin ETFs and their broader financial market impact.</li>
 <li>The market rebounds, trading 2-5% above the recent low, having absorbed the impact of panic selling.</li>
 <li>Investor optimism is high for a positive ETF outcome, instilling hope and confidence in the market.</li>
</ul>

Crypto Drama Unfolds: BITCOIN Crashes Amid Conflicting ETF Reports

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