Bitcoin Surges to $34,000, Resulting in $326 Million in Liquidations

Bitcoin (BTC) achieved a yearly peak exceeding $34,000 on Monday, fueled by ongoing anticipation that a spot Bitcoin ETF approval may soon be available for U.S. investors.

At the time of writing, the asset’s increase has resulted in $327 million in liquidations throughout the crypto market within the last 24 hours.

• As per TradingView, Bitcoin was priced at $31,629 at 22:00 UTC on Monday, before surging to $34,140 in just 40 minutes.
• Currently, Bitcoin is valued at $33,219, still above its previous yearly high of $31,400 recorded on July 13. This surge occurred when crypto markets briefly rallied due to the excitement surrounding Ripple’s win in its lawsuit against the Securities and Exchange Commission (SEC).
• According to CoinGlass, more than 81,000 crypto traders have faced liquidations in the past day. The largest single liquidation occurred on Binance for a BTC / USDT trade amounting to $9.98 million.
• On Monday, the Court of Appeals officially directed the SEC to reassess Grayscale’s spot Bitcoin ETF application, which many believe the agency is now likely to approve.
• Additionally, BlackRock’s proposed ETF – the iShares Bitcoin Trust – has been registered with the Depository Trust & Clearing Corporation, which handles NASDAQ-based transactions, under the ticker iBTC.
• On Twitter, Bloomberg ETF analyst Eric Balchunas remarked that such a listing is “part of the process of bringing an ETF to market.”

• “BlackRock’s moves are typical for an ETF expecting to launch in a week or so,” he added, “but most of what else I heard would indicate a month or two.”

Bitcoin / USD. Source: TradingView

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.