Against the backdrop of a sharp fall in Bitcoin, sales volume exceeded $500 million per day

On January 3, 2024, Bitcoin unexpectedly dropped to $41,500, and there were more than $500 million in liquidations in the last 24 hours due to a sharp drop in the price of the first cryptocurrency. At the moment, the price of Bitcoin is about $42,600.

On January 3, 2024, the rate of the first cryptocurrency showed a sudden drop, immediately dropping to the level of $41,500, according to TradingView .

At the time of publication of the article, the asset is trying to gain a foothold above $42,600. Against the backdrop of this news, the daily volume of liquidations amounted to $539 million, according to Coinglass . Most of the losses came from long positions—$503 million.

The collapse of the Bitcoin price also had a negative impact on altcoins. Over the past 24 hours, the value of most assets fell by an average of 13%.

On January 3, 2024, Matrixport analysts presented a report according to which the US Securities and Exchange Commission (SEC) will not approve spot Bitcoin ETFs this month.

Experts suggested that the agency will begin to register investment crypto-funds only after the applicant companies fulfill all the requirements of the agency. This could happen in the second quarter of 2024, Matrixport representatives believe.

If the SEC does not approve applications for spot Bitcoin ETFs within a month, the crypto market could see cascading liquidations, analysts said. In this case, the Bitcoin rate risks dropping to $36,000, according to Matrixport.

Let us recall that we previously wrote that since October 2023, Bitcoin miners began to actively reduce the reserves of the first cryptocurrency.