Over $240 million erased from crypto traders in 24 hours

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Throughout the past day, the cryptocurrency market has been affected by further false assertions regarding the approval of the Bitcoin spot ETF. On January 9, there was a fluctuation in the price of Bitcoin (BTC).


During the same hourly candle at 9:00 p.m. (UTC), Bitcoin notably traded at a high of $47,975 and a low of $45,000. The Securities and Exchange Commission (SEC) published a series of posts on X (previously Twitter) that led to this event. 

By the time of publication, 69,410 dealers had been liquidated, for a total of $241.94 million. $100.50 million came from pessimistic short sellers, while $141.44 million came from long positions, which bet on an optimistic outcome.

For Bitcoin alone, the volatility liquidated holdings valued approximately $98.96 million. erasing $37.05 million (37.5%) and $61.91 million (62.5%) of shorts and longs, respectively.


Meanwhile, short positions in Bitcoin have just begun to close, with the price sitting at $46,430. The liquidation heatmap on CoinGlass shows these liquidations as well as the previously mentioned volatility event by deleting positions up and down.


It's interesting to note that, while the market awaits the SEC's ruling, no pertinent liquidity pools remain in Bitcoin's liquidation heatmap. The majority of cryptocurrencies, including Bitcoin, have little 24-hour trading activity, too little to create significant pools.


In conclusion, any more price movement will be contingent upon the remarks made by SEC President Gary Gensler regarding the current occurrences. Regulators can decide to postpone the decision on the Bitcoin ETF for another round. However, if the choice were to be taken today, a yes would most likely cause Bitcoin to rise, whilst a no would have the opposite effect.

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