Bitcoin Shorts Worth $170M Liquidated As BTC Zooms To $34K In A Single Day
Portfolio Pulse from Mehab Qureshi
Bitcoin's price surged past $34,000, triggering a liquidation of BTC shorts worth $170 million. The majority of these short positions were on exchanges like Huobi, Binance, and OKX. Over 83,858 traders faced liquidation, resulting in a total of $351.48 million being liquidated across various exchanges. This comes as BlackRock updated its application to launch its Bitcoin spot ETF, indicating growing confidence that the SEC will approve the Bitcoin spot ETF. A judge also ordered the SEC to reconsider Grayscale's application for a Bitcoin ETF.
October 24, 2023 | 2:48 am
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POSITIVE IMPACT
BlackRock's updated application to launch a Bitcoin spot ETF indicates a growing confidence in the approval of Bitcoin ETFs by the SEC, which could potentially impact BlackRock's stock price.
BlackRock's updated application to launch a Bitcoin spot ETF indicates a growing confidence in the approval of Bitcoin ETFs by the SEC. If approved, this could potentially increase BlackRock's revenues and positively impact its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin's price surge led to a significant liquidation of BTC shorts. This, along with BlackRock and Grayscale's Bitcoin ETF applications, could potentially impact Bitcoin's price in the short term.
The surge in Bitcoin's price led to a liquidation of BTC shorts, which could potentially create a short squeeze and push the price even higher. Additionally, the ETF applications by BlackRock and Grayscale indicate a growing confidence in the approval of Bitcoin ETFs by the SEC, which could further boost Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100