Bitcoin has achieved a new high for the year 2023, touching $36,864 on the Bitstamp exchange earlier today.
This surge marks a notable milestone in the cryptocurrency's recent rally, reflecting growing investor confidence due to the hype surrounding the seemingly imminent arrival of spot-based Bitcoin exchange-traded funds (ETFs).
ETF approval odds remain sky-high
As reported by U.Today, James Seyffart of Bloomberg Intelligence cites a 90% chance of such approvals by Jan. 10 while hinting at a possible collective approval for current applicants.
The SEC's pattern of delaying decisions for firms, including major players like BlackRock and Fidelity, suggests a strategic setup for a series of Bitcoin ETF launches following Grayscale's legal success.
Bitwise CIO Matt Hougan believes that it could be one of the most successful ETF launches ever. He expects it to attract massive inflows of over $50 billion in inflows within the first five years.
Significant liquidations sweep the crypto market
The past 24 hours have been tumultuous for traders, with a total of 49,689 traders liquidated, resulting in $148.42 million in liquidations, according to Coinglass data.
This volatility was not evenly spread across the market, as evidenced by the disproportionate number of short liquidations, which made up roughly 81.85% of total liquidations.
Binance led the exchanges in terms of liquidation volume, followed closely by OKX, which also recorded the largest single liquidation order valued at $7.95 million.
These liquidations once again showcase the high-risk nature of cryptocurrency trading.