Crypto Shorts Worth $120M Liquidated In Single Day After Bitcoin, Ethereum Spike As Court Rules In Favor Of Grayscale Over SEC
Portfolio Pulse from Mehab Qureshi
Crypto shorts worth $120 million were liquidated in a single day following a spike in Bitcoin and Ethereum prices. This was triggered by a US appeals court ruling in favor of Grayscale against the SEC, allowing the company to convert its Bitcoin Trust into an ETF. The ruling led to Bitcoin's largest daily gain in several months, with a surge of over 7%. The largest individual liquidation order occurred on Binance, involving ETH with a value of $2.15 million.
August 30, 2023 | 5:35 am
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Bitcoin price surged over 7% following the court ruling in favor of Grayscale, leading to the liquidation of shorts worth $50.71 million.
The court ruling in favor of Grayscale has led to a surge in Bitcoin price, causing a significant liquidation of shorts. This indicates a positive sentiment towards Bitcoin in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum price also spiked following the court ruling, leading to the largest individual liquidation order on Binance worth $2.15 million.
The court ruling has also positively impacted Ethereum, leading to a spike in its price and a significant liquidation order on Binance. This suggests a positive market sentiment towards Ethereum.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale Bitcoin Trust (GBTC) won the lawsuit against the SEC, allowing it to convert the trust into an ETF. This has positively impacted the cryptocurrency market.
The court ruling in favor of Grayscale has allowed it to convert its Bitcoin Trust into an ETF. This is a significant development for the company and the cryptocurrency market as a whole.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100