Bitcoin's price rose above $28,000 for the first time in a week in a volatile Monday that was marked by an inaccurate post about a spot bitcoin ETF approval.
The activity was sparked by a Cointelegraph post on X that stated, "SEC approves iShares bitcoin spot ETF." The tweet remained live for 30 minutes, before it was updated to add the word "reportedly." It was later removed, and Cointelegraph apologized for what it said was "a tweet that led to the dissemination of inaccurate information."
Large liquidations were observed as volatility returned to the market, meanwhile, and in the past 24 hours, 40,723 traders were liquidated for a total of $182.4 million of cryptocurrency, according to CoinGlass data. Of these liquidations, the vast majority were short positions, coming in at $136.36 million. Bitcoin trades made up $100 million of those liquidations.
"Given the pressure the SEC has faced from the courts and the U.S. House Financial Services Committee, it is a question of when, not if, this approval gets the green light," Bekhazi said in a note sent to The Block."When this approval happens, it will open up new possibilities for a number of sovereign, pension funds, IRAs and 401k as well as other institutions who, before this point, may not have had access to digital asset investment opportunities," he added.
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