Cryptocurrency

Bitcoin

Gary

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 <p class="paragraph">More false rumors about the Bitcoin spot ETF approval moved the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market in the last 24 <a rel="dofollow" title="hours" href="https://thebittimes.com/tag/hours.html">hours</a>. The volatility sent Bitcoin (BTC) price up and down on January 9.</p> 
 <p class="paragraph">Notably, Bitcoin traded as high as $47,975 and as low as $45,000 in the same hourly candle at 09:00 pm (UTC). This happened following a sequence of posts by the Securities and Exchange Commission (SEC) on X (formerly Twitter).</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.</p>— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024
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 <p class="paragraph">In this context, 69,410 <a rel="dofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> were liquidated for a total of $241.94 <a rel="dofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> liquidations by press time. $141.44 <a rel="dofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> came from long positions, betting in a bullish outcome, while $100.50 <a rel="dofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> from bearish short-sellers.</p> 
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  <img decoding="async" width="1024" height="353" src="https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp" alt class="wp-image-148465" srcset="https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp 1024w, https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp 300w, https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp 768w, https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp 1536w, https://cdn.thebittimes.com/images/2024/01/11/6fffc11e5ad26e21bab092a4199ee69a.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Liquidation Heatmap. Source: <em>CoinGlass</em>
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 <h2 class="wp-block-heading" id="h-bitcoin-btc-liquidations-and-price-analysis">Bitcoin (BTC) liquidations and price analysis</h2> 
 <p class="paragraph">The volatility liquidated over $98.96 million worth of positions for Bitcoin alone. Particularly erasing $61.91 million (62.5%) of longs and $37.05 million (37.5%) of shorts.</p> 
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  <img decoding="async" width="524" height="586" src="https://cdn.thebittimes.com/images/2024/01/11/ea57a2e0f2ffb17d8d6a01c8bf7e0ee6.webp" alt class="wp-image-148466" srcset="https://cdn.thebittimes.com/images/2024/01/11/ea57a2e0f2ffb17d8d6a01c8bf7e0ee6.webp 524w, https://cdn.thebittimes.com/images/2024/01/11/ea57a2e0f2ffb17d8d6a01c8bf7e0ee6.webp 268w" sizes="(max-width: 524px) 100vw, 524px">
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   Bitcoin (BTC) liquidations. Source: <em>CoinGlass</em>
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 <p class="paragraph">In the meantime, Bitcoin just started liquidating short positions, currently trading at $46,430. These liquidations can be observed on <em>CoinGlass</em>’ liquidation heatmap, which also illustrates the aforementioned volatility event, erasing positions up and down.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="545" src="https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp" alt class="wp-image-148467" srcset="https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp 1024w, https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp 300w, https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp 768w, https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp 1536w, https://cdn.thebittimes.com/images/2024/01/11/b5ec03b999648105d467391e078d3889.webp 2038w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Liquidation Heatmap. Source: <em>CoinGlass</em>
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 </figure> 
 <p class="paragraph">Interestingly, no relevant liquidity pools are left in BTC’s liquidation heatmap amid the market’s waiting on the SEC’s decision. Most <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, including Bitcoin, register a low 24-hour exchange volume, insufficient to form meaningful pools.</p> 
 <p class="paragraph">In closure, further price action will directly depend on what Gary Gensler, President of the SEC, says about recent events. Regulators may choose to delay the Bitcoin ETF decision one more time. Nevertheless, if the decision is made today, an approval would probably drive BTC upwards, while a rejection would do the opposite.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/over-240-million-erased-from-crypto-traders-in-24-hours-tbt76200.html">https://thebittimes.com/over-240-million-erased-from-crypto-traders-in-24-hours-tbt76200.html</a></p>

Over $240 million erased from crypto traders in 24 hours

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