Bitcoin (BTC) hit a yearly high above $34,000 on Monday amid ongoing excitement that immediate approval of a Bitcoin exchange-traded fund could be on the horizon for US investors.
As of writing, the asset’s gains have led to $327 million in liquidations across the cryptocurrency market in the past 24 hours.
- According to TradingView, Bitcoin was trading at $31,629 at 22:00 UTC on Monday, before rising to $34,140 over the next 40 minutes.
- Bitcoin is now trading at $33,219, which is still above the asset’s yearly high since before this week of $31,400 on July 13. At the time, cryptocurrency markets briefly rose due to excitement ripple Victory in lawsuit against the Securities and Exchange Commission (SEC).
- according to Queen Glass, more than 81,000 cryptocurrency traders were liquidated in the past day. The largest liquidation on Binance occurred for a BTC/USDT deal worth $9.98 million.
- On Monday, the appeals court formally ordered the SEC to review Grayscale’s Bitcoin exchange-traded fund application, which many suspect the agency now has no choice but to accept.
- Furthermore, BlackRock’s proposed ETF – iShares Bitcoin Trust – is listed on the Depository Trust & Clearing Corporation, which clears Nasdaq-based trades, under the ticker iBTC.
- On Twitter, Bloomberg ETF analyst Eric Balchunas said such a listing is “part of the process of bringing the ETF to the market.”
“BlackRock’s moves are typical for ETFs that are expected to launch within a week or so.” He added“But most of what I heard indicates a month or two.”
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