Grayscale_s Victory Over SEC Leaves $80M in Liquidations Within 1 Hour

2023-08-29 15:23:47

Bitcoin, alongside the rest of the crypto market, shot up following the news that a US court has sided with Grayscale in its battle against the SEC.

Naturally, this volatility brought massive pain for over-leveraged traders as the liquidated short positions skyrocketed to about $80 million within an hour.

CryptoPotato reported Grayscale’s court victory earlier today, which essentially meant that the SEC is now obligated to review the asset manager’s request to turn its flagship Bitcoin Trust into a spot exchange-traded fund.
Although this doesn’t necessarily mean that the regulator will indeed approve such a product, the court’s decision had a massive effect on BTC’s price.
The asset had stalled for weeks at around $26,000 but exploded by about $2,000 to chart a multi-week high at almost $28,000.
Most altcoins reacted in a similar fashion, with BNB, SOL, MATIC, TONCOIN, LTC, BCH, AVAX, and XLM soaring by somewhere between 5% and 10%.
According to data from CoinGlass, this has resulted in a large number of wrecked traders over the past hour. The total value of liquidations is up to $85 million in the last 60 minutes, with short positions equaling 90% of that amount.
BTC’s share is the largest, with over $40 million worth of the asset liquidated.

Cryptocurrency Market Overview. Source: Quantify Crypto

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