YEREVAN (CoinChapter.com) — Bitcoin (BTC), the largest cryptocurrency by market capitalization, climbed above $35,000 amid speculations that the US Securities and Exchange Commission (SEC) will approve a Bitcoin Exchange-Traded Fund (ETF) soon.
The surge marks BTC’s highest price point in seventeen months. However, it also became bad news for many, especially short sellers.
Cryptocurrency futures trading and information platform, CoinGlass, reports that in the last 24 hours, more than 94,000 cryptocurrency traders have experienced liquidation to the tune of $393 million. $98 million of these liquidations came from long bets, while the shorts lost $295 million.
Notably, the largest liquidation event occurred on the Binance platform for a BTC/USDT trade amounting to a whopping $9.98 million.
The latest price action has helped Bitcoin retrace its steps to values reminiscent of the months following May 2022. This period was marred by the collapse of Terra-Luna, Three Arrows Capital, Genesis, and FTX, which cast a shadow of uncertainty over the crypto landscape.
As a result of these events, BTC dropped close to the $15,000 mark. The tank was so severe that some experts questioned the industry’s prospects.
However, more recent developments have added to the positive sentiment in the crypto markets.
Earlier this week, the US Court of Appeals for the DC Circuit issued a mandate compelling the SEC to reconsider Grayscale Investments’ application for a spot Bitcoin ETF.
This development follows the court’s earlier ruling, highlighting the parallels between Grayscale’s proposal and the already approved Bitcoin futures ETFs.
Recent reports in the media suggest that the US Securities and Exchange Commission will not contest the ruling that favored Grayscale Investments.
Bitcoin’s recent price surge hasn’t excited everyone. As usual, crypto critics remain suspicious of the industry. Unhinged by the several success stories coming from the crypto sector, Peter Schiff is spreading the doom again.
The big-time Gold promoter and chief global strategist at Euro Pacific Capital is now warning investors not to buy into the FOMO.
“Speculators are buying Bitcoin now because they think other speculators are waiting to buy a BitcoinETF. They will soon discover that there are far more speculators waiting to sell then waiting to buy!”
the forever Bitcoin-critic wrote on X.
Moreover, Schiff believes a Bitcoin ETF approval will trigger a larger selloff than its rejection.
At the time of writing, BTC exchanges hands at around $34,500. This remains at 50% below its all-time high of $68,789 on Nov. 10, 2021.
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