Greed

Ethereum

Bitcoin

The global digital assets market printed green indexes as <a href="https://news.todayq.com/etf-approval-hopes-pump-bitcoin-to-21-month-high-whats-next/" target="_blank" rel="noopener noreferrer nofollow">the biggest crypto</a>, Bitcoin, recorded a new recent high of $47k. The cumulative market cap is up by more than 5% in the last 24 hours to stand at $1.71 trillion. However, data depicts that crypto traders betting against BTC recorded major losses resulting in a cascade of short position liquidations. Bitcoin shorters bleed 
According to the Coinglass, data reveals that within 24 hours, over 60k traders were liquidated, totaling $208.37 million in losses. The largest liquidation, amounting to $9.44 million, occurred on OKX during a Bitcoin to USDT (Tether) swap. Bitcoin shorts took the brunt of the squeeze, with $87 million in bearish bets liquidated, while Ethereum shorts also suffered losses, reaching $25 million.
The Bitcoin Fear and Greed Index hit 76, signaling a state of ‘Extreme Greed’ among market participants, adding to the intensity of the current market dynamics.
As the crypto community grapples with these developments, all eyes are on the upcoming decision by the U.S. <a href="https://news.todayq.com/delay-or-green-light-for-bitcoin-etf-sec-gives-quick-feedback/" target="_blank" rel="noopener noreferrer nofollow">Securities and Exchange Commission</a> (SEC). Scheduled for Wednesday, the SEC will determine whether exchanges can launch exchange-traded funds (ETFs) backed by Bitcoin. If approved, this move could potentially normalize crypto investments for traditional investors by providing exposure without direct ownership. What are experts expecting from ETFs? 
Experts are divided on the potential outcomes. Jess Houlgrave, COO of WalletConnect, sees the SEC’s approval as a significant endorsement, fostering confidence in the industry. Houlgrave anticipates increased competition and a narrative shift around investing in Bitcoin ETFs.
However, Markus Thielen, head of research and strategy at Matrixport, expresses skepticism about swift approval. He highlights global surveillance regulations for the Bitcoin market as a potential hurdle for the SEC, speculating a delay in the decision to study the matter further.
Financial giants like Grayscale, Fidelity, and Invesco have already disclosed their fee structures for spot ETF trading, indicating confidence in regulatory approval. Despite this, Thielen warns of potential market volatility following the SEC’s decision.
The impact on Bitcoin prices remains uncertain. Thielen suggests a potential 20% drop in prices if the ruling goes against spot Bitcoin ETFs, while approval could lead to a surge, albeit with the risk of a quick sell-off. With Bitcoin reaching above $47,000 in anticipation of the SEC announcement, the crypto community awaits Wednesday’s decision with bated breath, aware of the potential ramifications for the broader market.
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Greed index soars to 76, SEC decision day adds volatility

Todayq News

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