Fast Take
The latest rumors of a spot ETF approval, as reported by Cointelegraph, have triggered a major market response, with Bitcoin hovering as excessive as $29,800 over the previous hour.
This sudden surge has led to an inflow of liquidations, amounting to roughly $81 million. Apparently, the majority of those liquidations, roughly $70 million, have been quick positions. This implies {that a} appreciable variety of merchants have been caught off guard by the ETF information, resulting in an abrupt market adjustment and a squeeze of quick positions.
The submit Bitcoin liquidates $70M of quick positions because it skyrocketed to $29,800 on rumors of spot ETF approval appeared first on CryptoSlate.
