As a researcher with a background in cryptocurrencies and financial markets, I find the recent price movements of Bitcoin and Ethereum fascinating. The sudden surge in prices, particularly the massive daily move of both coins, is reminiscent of the volatility that characterizes this asset class.
Bitcoin‘s price for the flagship cryptocurrency has recently soared past $71,000, reaching new heights. Meanwhile, Ethereum experienced a significant increase of over 20% in just one day. An analyst now predicts that an impending short squeeze could potentially push prices even higher.
As a cryptocurrency analyst, I’ve observed some significant price movements in the market recently. Specifically, Bitcoin (BTC) experienced a notable surge of over 6.5% within a single day. Meanwhile, Ethereum (ETH) reached a new milestone at approximately $3,800 during this daily rally. This substantial price increase can be attributed to a short squeeze event that liquidated around one month’s worth of short positions on Bitcoin.
The proposed short squeeze could be preceded by another one, causing the price of Bitcoin to reach a new peak beyond its current record of around $73,500. It’s important to mention that Bitcoin is just shy of this all-time high.
A month’s worth of Bitcoin shorts have been forced to be closed out, or liquidated. To exceed previous record highs, one more hurdle must be surmounted in the process of short selling.
— Willy Woo (@woonomic) May 21, 2024
The data reveals a substantial reduction in the number of short Bitcoin positions over the past 24 hours, dropping from 291 Bitcoins to only 165. Approximately half of these bearish wagers were likely liquidated as Bitcoin’s price sharply rose. This sudden turn of events prompted a wave of buy orders from those looking to cover their short positions.
The broader market’s recent growth can be attributed to the possibility of approving spot Ether exchange-traded funds (ETFs) in the United States. The Securities and Exchange Commission (SEC) has unexpectedly asked exchanges intending to list and trade these funds to revise their key filings, sparking anticipation that the regulatory body may be considering approval for these products.
Prior to initiating any Ether spot ETF trades, regulatory approval from the Securities and Exchange Commission (SEC) is necessary for the ETF issuers via their S-1 registration statements. The SEC does not adhere to a specific timeline for evaluating these filings.
As a securities analysis expert, I’ve been closely monitoring the Securities and Exchange Commission (SEC) investigation into Ether, the native cryptocurrency of Ethereum blockchain. This scrutiny has heightened significantly in recent months, particularly following Ethereum’s shift to Proof-of-Stake consensus mechanism.
As a researcher examining the regulatory landscape of cryptocurrencies, I would propose that classifying Ether as a security could potentially impact the SEC’s decision regarding the approval of proposed spot Ether Exchange-Traded Funds (ETFs). This classification may provide the SEC with a justification to deny these applications based on existing securities laws.
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2024-05-22 04:21