Patcay.com – In the second week of November, the price of Bitcoin soared to new heights, reaching an intraday peak at an extraordinary level of USD 37,972.
This sudden increase coincided with the excitement surrounding the Bitcoin spot ETF, creating a brief wave of liquidation and fueling volatility in the crypto market.
Fyqieh Fachrur, a trader at Tokocrypto, stated that news related to the BTC spot ETF is gaining traction as Bloomberg analysts are optimistic about approval in early 2024. The decision by the SEC, anticipated to be announced on November 17, 2023, adds to the intrigue.
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Up to this point, the SEC has rejected various requests to approve the Bitcoin spot ETF, despite attempts by various companies such as BlackRock, Fidelity, ARK Invest, and 21Shares.
“The approval window will remain open until November 17, and if the SEC continues its trend of delays, this period will be extended until January 10, 2024,” said Fyqieh in an official announcement on Friday (11/10/2023).
Fyqieh noted the pressure on Bitcoin prices that triggered a decline as many market participants decided to capitalize on the significant surge during this period.
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The rise in Bitcoin prices also led to the liquidation of open trades amounting to more than USD 400 million or approximately IDR 6.2 trillion, marking the highest figure since August.
Furthermore, pressure on Bitcoin also arose from the increase in yields on US Treasury bonds following comments from Federal Reserve Chairman Jerome Powell.
The downturn not only affected the crypto market but also extended to the US stock exchange, Wall Street, experiencing a decline in Thursday’s trading session. This trend halted the longest winning streak for Nasdaq and the S&P 500 in the last two years.