Original - Odaily
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The Bitcoin spot ETF has finally been approved. This weeks cryptocurrency market has been like a roller coaster with ups and downs, but the results are gratifying and have swept away the previous gloom.
In the past 24 hours, BTC has experienced pins, shocks, breakthroughs and then fell back, showing a microcosm of the entire currency circle. The OKX market shows that BTC fell back after breaking through 46,000 USDT. As of the time of publication, BTC was temporarily trading at 45,680 USDT, a 24-hour increase of 0.26%.
Mainstream alt-coins are generally rising, even higher than BTC. As of the publication of this article, ETH is temporarily reported at 2506.3 USDT, a 24-hour increase of 2.3%; SOL is temporarily reported at 97.54 USDT, a 24-hour increase of 2.69%; OP is temporarily reported at 4.02 USDT, a 24-hour increase of 7.67%; ARB is temporarily reported at 2.19 USDT, with a 24-hour increase of 8.57% ; TIA is temporarily trading at 15.9 USDT, a 24-hour increase of 9.6%.
Goinglass data shows that the entire network liquidated US$286 million in the past 24 hours, of which long orders liquidated US$149 million and short orders liquidated US$128 million. In terms of currencies, BTC liquidated US$124 million and ETH liquidated US$74,784,100. Dollar.
24 hours before ETF approval, the sun always shines after the storm
Judging from the fact that at 5am yesterday morning, the SEC’s X account was hacked and fake news about the approval of a Bitcoin spot ETF was released, this day will not be “peaceful”. Sure enough, the market reacted like a dumb man eating coptis and happily broke through to 48,100 USDT. However, he did not expect that the manipulation of the currency price turned out to be official, and the price immediately reached 44,417.2 USDT.
This incident reminds me that the SEC chairman once satirized the cryptocurrency market for being easily manipulated in response to the Cointelgraph fake news incident. I never thought that he would be the initiator this time.
Subsequently, the cryptocurrency market fluctuated between 46,000 USDT and 44,000 USDT, and the battle between long and short in the market was fierce.
But at 0:00 today, Cboe (Chicago Board Options Exchange) said it had received and approved applications from Ark Investments/21 Shares, Invesco, and VanEck to list their spot Bitcoin ETFs on its platform. As soon as this news came out, everyones worries were swept away. The price of BTC also rose from 45236 USDT to 46445 USDT, an increase of nearly 2.67% in one hour.
Bloomberg ETF analyst Eric Balchunas wrote that this move does not represent ETF approval. It only represents a request for acceleration, but the possibility of approval at the same time is already very high.
Immediately at 3 a.m. today, Cboe’s official website announced that Cboe will start trading Bitcoin spot ETFs issued by ARK 21 Shares, Fidelity, VanEck, Franklin, Invesco and WisdomTree tomorrow.
However, the market reaction seems to be somewhat slow to this news, and it is still fluctuating around 46300 USDT. But just one hour later, the price of BTC dropped sharply, from 46500 USDT to 44731 USDT, and then hovered around 45300 USDT.
According to the news, the reason is that Cboe revoked the approval of some spot ETFs, and a dramatic scene occurred. The date was not changed in the public document. The document is the latest version, but the date is July.
Finally at 5 a.m., the SEC released a document approving 11 spot ETFs on its official website. However, just after opening the file, the SEC’s official website displayed 404, and subsequent users could no longer see this document. Therefore, a copy of the SEC’s approval of ETFs was circulated on social media. documents, but most media are afraid to publish approval information on documents uploaded online.
Immediately after official confirmation, the SEC approved the news of Bitcoin spot ETF. However, the market seems to have been immune to this. The price of Bitcoin is still fluctuating around 46,000 USDT. On the other hand, altcoins led by Ethereum have generally risen. I thought that Bitcoin With the adoption of spot ETFs, Bitcoin will suck altcoins, but I didnt expect the result to be exactly the opposite.
The above is the overall dramatic 24 hours of the ETF incident, but the result is still good, and the twists and turns of the process will only make everyone remember this historic moment.
Is the approval of ETF good for implementation, or is it something to look forward to in the future?
The approval of the Bitcoin spot ETF is of great significance to the entire cryptocurrency market. It means it is accepted by mainstream finance and at the same time brings more flow to the cryptocurrency market.
Judging from the market performance after the approval of the Bitcoin spot ETF, the short-term trend reflects the favorable situation. The price of Bitcoin has fluctuated repeatedly. The market seems to have responded to the news that it has passed. In addition to the increase in transaction volume, the changes in the overall price have not Not obvious.
However, the future after the approval of ETF is promising. The short-term price does not seem to be reflected from the K line, but the increase in trading volume means that the market is gradually paying more attention to it.
In general, the approval of the Bitcoin spot ETF is a good thing in the short term, and the price is still in a volatile stage, but in the long term, the encryption market will gradually move towards the mainstream stage.
Odaily reminds everyone that there is currently a fierce battle between long and short in the market, so please invest with caution and be aware of risks.
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