- Bitcoin price achieves a new peak in 2023, soaring to $36,789.
Bitcoin price has reached a new 2023 high, reaching $36,789 on the Coinstats earlier today.
This spike is a significant milestone in the cryptocurrency’s current climb, demonstrating increased investor confidence as a result of the buzz around the rumored debut of spot-based Bitcoin exchange-traded funds (ETFs).
The chances of an ETF being approved remain extremely strong.
It was reported that Bloomberg Intelligence’s James Seyffart predicts a 90% possibility of such approvals by January 10, while hinting at a possible collective approval for present applications.
Following Grayscale’s legal success, the SEC’s history of delaying judgments for corporations, including significant heavyweights like BlackRock and Fidelity, shows a planned setup for a series of Bitcoin ETF launches.
Bitwise CIO Matt Hougan feels it has the potential to be one of the most successful ETF launches in history. He anticipates significant inflows of more than $50 billion within the first five years.
“I think it will be one of the most successful ETF launches of all time.”
Nice snippet here from @Matt_Hougan on the prospects for spot bitcoin ETFs & the lackluster debut of ether futures ETFs.
via @etfcom pic.twitter.com/q6QURezg6t
— Nate Geraci (@NateGeraci) November 9, 2023
Significant liquidations have swept the cryptocurrency market.
According to Coinglass data, 49,689 traders liquidated their positions in the last 24 hours, resulting in $148.42 million in liquidations.
Read Also: Bitcoin Surges to Almost $37K, Triggering Over $140 Million in Liquidations
This volatility was not distributed fairly throughout the market, as indicated by the disproportionate quantity of short liquidations, which accounted for around 81.85% of total liquidations.
Binance dominated the exchanges in terms of liquidation volume, closely followed by OKX, which also had the largest single liquidation order, worth $7.95 million.
These liquidations highlight the high-risk nature of cryptocurrency trading once more.