There has been a huge increase in Bitcoin and altcoins in the last 24 hours. As BTC approached $ 29,000 with a 7% increase, many altcoins also saw increases.
This rise in BTC allowed altcoins like Ethereum (ETH) and Cardano (ADA), which the SEC qualifies as securities, to rise as much as 7% and experience one of the biggest single-day gains this month.
Apart from ADA and ETH, altcoins such as Bitcoin Cash (BCH) and Conflux (CFX) also experienced huge increases of more than 15%.
While these rises were experienced in Bitcoin and altcoins, investors who were in short positions were also left behind and liquidated.
According to data from Coinglass, $125 million shorts in crypto futures have been liquidated in the last 24 hours.
Among the short positions that were liquidated, Bitcoin took the first place with $ 54 million. After BTC, it was seen that altcoins such as ETH, Litecoin (LTC), Arbitrum (ARB) and XRP came.
Speaking to Coindesk and assessing the recent rise, Eitan Katz, CEO of DeFi protocol Kima, said:
“Blackrock's spot Bitcoin ETF offers an explanation or a unique solution that sets it apart from previous ETF records.
This application includes a surveillance-sharing agreement with Nasdaq, which means Nasdaq has access to trade data, including customer IDs.
Many are commenting based on the success rates of BlackRock's ETF applications. In this regard, if BlackRock's application is approved, this ETF will attract more investors, including institutional and high-net-worth individuals, to Bitcoin and cryptocurrencies."
*Not investment advice.