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Bitcoin Breaks $47,000
First Decline then Rise, Longs and Shorts Both Explode
SEC Issues Supplemental Comments on S-1 Document
The recent quietness of Bitcoin has affected the price increases of most altcoins, and the overall market saw a widespread pullback yesterday, shaking the confidence of some in Bitcoin ETF approval. However, in the early hours of today, Bitcoin once again surged past $47,000, reigniting investor confidence.
However, the trend of first declining and then rising within 24 hours has led to a phenomenon of both longs and shorts exploding in the market. According to data from Coinglass, the total liquidation across the network in the past 24 hours was approximately $283 million, with the longs and shorts liquidation ratio close to 1:1. Most of the liquidations for mainstream coins were shorts, while most of the liquidations for altcoins were longs.
As the approval of Bitcoin spot ETF heats up, the price volatility of Bitcoin will become more intense, and any related news could trigger sensitive nerves of investors. Less than an hour ago, Perianne, CEO of Digital Chamber, pointed out that the SEC had just issued supplemental comments on the S-1 document submitted by the Bitcoin spot ETF issuer, indicating a potential lack of consensus between the issuer and the SEC, serving as a potential “delay signal.” This news also caused the Bitcoin price to drop nearly $1,000 from its high of $47,000.
However, Bloomberg analyst James Seyffart believes this may not necessarily be a “delay signal” because the SEC issued supplemental comments within 24 hours of receiving updated documents, indicating that the SEC wants to resolve issues quickly. If the SEC truly intended to delay, the issuer would not have received comments on the same night.
Regardless, January 10th will be a crucial moment for the Bitcoin spot ETF decision, and investors must be prepared for potential price fluctuations and stay alert to important news before then.