Over $200 Million in Liquidations as Bitcoin and Ethereum Crash Hard

All eyes in the cryptocurrency community are on the US Securities and Exchange Commission and its upcoming decision on VanEck’s Ethereum ETF enforcement.

As was the case earlier this year when Bitcoin was in focus, pre-decision volatility has already begun with notable drops in the prices of major assets.

Cryptopotato reported on Monday, the positive winds of change in the industry as Bloomberg ETF experts increased their previous forecast success rate for the Ethereum ETF from 25% to 75%. That meant they believed that such a product will see the light of day by the end of the current week.

After several delays and changes, VanEck’s Ethereum ETF Form 19b-4 is expected to be decided today, and the US securities regulator is expected to reject or approve it.

Bloomberg’s Eric Banchunas previously opined that he expects the SEC to submit its response around 4pm today, which is about six hours from now.

Markets have already started to feel the tension, with greater volatility in the last hour. ETH, for example, had reached a multi-month high of almost $3,950 before, but corrected by around $200. It has now recovered some ground and is around $3,800.

Bitcoin was not spared. The leading cryptocurrency challenged $70,000 today but had little success. The subsequent rejection pushed it to $67,600 minutes ago.

This volatility has led to over $220 million in liquidations in the cryptocurrency market on a daily scale. Nearly 80,000 overleveraged traders were wiped out in the same period and volatility is only expected to increase when the SEC announces its decision later tonight.

Bitcoin/Price/Chart 23.05.2024. Source: TradingView

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