The recent surge in the cryptocurrency market has caused quite a stir, resulting in a loss of nearly $200 million in just 24 hours. Out of this amount, Bitcoin alone accounts for a staggering $96.94 million.
Over the past day, the crypto market has experienced a remarkable revival, led by Bitcoin and Ethereum. Bitcoin (BTC) reached an impressive high of over $71,000 on Tuesday, marking its highest value since early April.
Meanwhile, Ether has also witnessed a significant surge, with its price soaring by more than 19% to reach $3,700. As a result, the global cryptocurrency market cap currently stands at $2.74 trillion, reflecting an 8.23% change in the past 24 hours and an astonishing 135.07% change compared to a year ago.
Bitcoin’s breakthrough past the $70,000 barrier can be attributed to the optimistic analysis provided by Bloomberg analysts, which has increased the likelihood of a spot Ether ETF being approved in the United States to 75%. This positive news has also had a positive impact on other major altcoins and memecoins, with XRP, Cardano’s ADA, Solana’s SOL, and Dogecoin (DOGE) all experiencing modest gains ranging from 3% to 6%.
In the past four hours alone, BTC has seen significant liquidations amounting to $2 million, while ETH has witnessed $4.94 million in liquidations. Within the past 24 hours, a total of 76,947 traders have been liquidated, resulting in a loss of $325.63 million. The largest single liquidation order occurred on Huobi, with an ETH-USDT liquidation valued at $3.11 million.
Binance has been the leading platform in terms of liquidations, totaling a staggering $126 million within 24 hours. It is closely followed by OKX with $110 million, Huobi with $50 million, and Bybit with $23 million.
Moving on to Ether, its recent surge in value can be attributed to positive regulatory developments that have raised the possibility of an Ether exchange-traded fund (ETF) receiving approval soon. Bloomberg analysts Eric Balchunas and James Seyffart have significantly increased the chances of a spot Ether ETF being approved, and the U.S. Securities and Exchange Commission (SEC) has requested aspiring Ether ETF exchanges to update their 19b-4 filings before the important deadline this week. This indicates progress in the approval process for spot Ether ETFs.
However, despite these positive developments, there is still a possibility that the SEC may reject the Ether ETF’s S-1 registration statement, which could potentially delay its approval and the commencement of trading.
The decision regarding VanEck’s proposed Ether ETF is expected to be announced on May 23, while Ark’s decision is scheduled for May 24. Market participants view the approval of an Ether ETF as a positive development that could attract significant institutional investment.
In terms of Bitcoin, there were concerns last week that it had entered the pre-halving risk zone, with the asset experiencing a drop of over 15% and reaching a low of $61,800. However, the market has rebounded and is on the verge of setting new records. It is speculated that the London Stock Exchange will begin trading exchange-traded notes (ETNs) for Bitcoin and Ethereum in May, which has prompted this market rebound.
As of now, Bitcoin’s market capitalization stands at $1.4 trillion. The spot Bitcoin ETF, which started trading in January, has already attracted $12 billion in inflows for BTC, with top trading firms and state funds among its investors.
In conclusion, the recent crypto rally has had a significant impact on the market, resulting in substantial gains for Bitcoin and Ethereum. With the possibility of an Ether ETF approval and new trading options on the horizon, the future looks promising for the cryptocurrency market.
