Bitcoin Dips 5% to Under $36K as Crypto Rally Runs Into Wall

Bitcoin Dips 5% to Under $36K as Crypto Rally Runs Into Wall

In the world of cryptocurrency, Bitcoin experienced a sudden 5% drop, falling below $36,000, as the recent rally hit a roadblock. The reversal erased the gains made in the past week and left many traders disappointed. This downward trend was triggered by a surge in sell orders when Bitcoin approached the $38,000 mark, resulting in the liquidation of leveraged long positions. As a result, the market witnessed the liquidation of approximately $340 million in leveraged positions over the course of just two days. This setback comes as the U.S. Securities and Exchange Commission (SEC) delays its decision on HashDex’s spot BTC ETF application, potentially further stalling the market’s momentum until early 2024. Despite this setback, the cryptocurrency market remains highly volatile, and it will be interesting to see how Bitcoin and other cryptocurrencies fare in the coming weeks.

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Bitcoin Dips 5% to Under $36K as Crypto Rally Runs Into Wall

The cryptocurrency market experienced a setback as Bitcoin dipped 5%, falling below the $36,000 mark. This decline comes after a period of rapid growth, with Bitcoin reaching almost $38,000 in the past 24 hours. However, as has been the pattern during recent surges, sell orders emerged near key levels, causing the price to drop. This triggered a cascade of liquidations, resulting in $340 million worth of leveraged positions being liquidated over the course of two days.

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The Spot Bitcoin ETF subsection of the Market Wrap covers the latest developments and news regarding spot Bitcoin exchange-traded funds (ETFs). It provides updates on regulatory decisions, approval processes, and the potential impact of spot Bitcoin ETFs on the cryptocurrency market. Spot Bitcoin ETFs are highly anticipated and can have a significant influence on market dynamics.

In conclusion, the cryptocurrency market experienced a significant dip, with Bitcoin falling 5% and liquidating $340 million worth of leveraged positions. While this setback may cause some concern among investors, it’s important to keep in mind the volatility and fluctuations that are inherent in the crypto space. CoinDesk provides a wealth of information and resources to help individuals navigate the market, stay informed about the latest developments, and make educated decisions. Whether you’re a beginner or an experienced investor, CoinDesk has you covered.

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