Solana Plummets 14% On Heels Of Spot Bitcoin ETF Delay Rumor, $640M Liquidation Cascade
Portfolio Pulse from Khyathi Dalal
Cryptocurrency market experienced a significant dip with Solana (SOL) falling 14.2% due to fears of a delay in Spot Bitcoin ETF approvals. Bitcoin (BTC) and Ethereum (ETH) also saw declines of 7% and 7.6%, respectively. Trading volumes for these cryptocurrencies increased substantially. Crypto analysts on social media are adjusting their strategies based on a report predicting the SEC will not approve Spot Bitcoin ETF applications in January. Over $644 million in liquidations occurred in the last 24 hours, with a majority from long positions.

January 03, 2024 | 4:29 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin (BTC) dropped 7% with a 23% increase in trading volume, likely due to concerns over delayed Spot Bitcoin ETF approvals.
The potential delay in Spot Bitcoin ETF approvals is a significant regulatory event that could dampen investor sentiment and lead to a decrease in Bitcoin's price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Ethereum (ETH) saw a 7.6% decline with a 50% increase in trading volume, possibly influenced by the same ETF concerns affecting Bitcoin.
Ethereum's price is often correlated with Bitcoin's market movements. The ETF delay concerns that impact Bitcoin are likely to have a similar negative effect on Ethereum's price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Solana (SOL) plummeted 14.2% with a 34.5% increase in trading volume, significantly affected by the market's reaction to the Spot Bitcoin ETF delay.
Solana's steep price drop is directly tied to the broader market's negative reaction to the Spot Bitcoin ETF delay news. As a result, Solana's price is likely to experience continued volatility in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 95