2024

Bitcoin

Standard

The global digital asset market printed red indexes on Saturday as the biggest crypto, <a href="https://news.todayq.com/bitcoin-bulls-eye-2024-all-time-high-following-secs-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, price dropped around the $42k level. The cumulative market cap took a hit of more than 5% in the last 24 hours to stand at around $1.68 trillion. Data suggests that over $90 billion made an exit from the market in the same period Bitcoin price slips 7% 
According to the data, Bitcoin price dropped by more than 7% in the last 24 hours. BTC is trading at an average price of $42,682, at the press time. However, its 24 hour trading volume is marginally up to stand at $43 billion.
This decline came in when Bitcoin recently regained the <a href="https://news.todayq.com/ethereum-shines-amidst-crypto-market-turbulence/" target="_blank" rel="noopener noreferrer nofollow">upward momentum</a> to breach the $48,000 price level. However, it is now hovering around the $42,500 price level waiting for a stable zone.
Data provided by Coinglass depicts that more than 92K traders faced losses in the last 24 hours. The total liquidations recorded stand at $317 million, including both long and short positions. However, the largest single liquidation order happened on the crypto exchange Bybit of $4.60 million.
As we dig in, $258 million (81%) worth of long positions got liquidated over the past 24 hours. This suggests that the traders were expecting the crypto market to surge more after a successful run. The approval of much anticipated crypto ETFs might have been a major point behind these expectations. What’s up with crypto? 
Bitwise reported that its spot bitcoin <a href="https://news.todayq.com/first-day-of-bitcoin-etf-trading-hit-or-flop/" target="_blank" rel="noopener noreferrer nofollow">exchange-traded fund</a> (ETF) attracted $240 million on the first day of trading. This is the highest among the 11 ETFs that received approval from the US Securities and Exchange Commission (SEC).&nbsp;
The total trading activity for all spot bitcoin ETFs reached $4.6 billion on Thursday. Grayscale, BlackRock, and Fidelity dominated the trading, according to LSEG data.&nbsp;
With bitcoin ETFs now trading on US public markets, large money managers previously limited in accessing crypto have a new avenue. Analysts at Standard Chartered predict fund inflows in the range of $50 billion to $100 billion in 2024 for the wealth management industry.
In the same market, Vanguard is reportedly reinforcing its “no-crypto” stance by abstaining from spot bitcoin ETFs and removing existing bitcoin futures products from its brokerage offerings. Major financial institutions like BlackRock, Invesco, and Fidelity also launched their Bitcoin ETFs. Meanwhile, Vanguard remains cautious about entering the crypto space.
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Bitcoin nosedives to $42k, Is ETF buzz over?

Todayq News

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