Sudden Decline in Bitcoin Price: Down to Pre-Grayscale Case Levels – What’s the Latest Data?

The wave of recovery in Bitcoin after Grayscale filed its lawsuit against the SEC in the cryptocurrency market was short-lived.

With the decision announced on Tuesday afternoon, BTC, which was at $ 26,000 before the decision, managed to rise above $ 28,000 with the pump it experienced.

However, as the wave of excitement is over and the SEC is expected to make a decision on a large number of spot Bitcoin ETFs tomorrow, there has been a decline in price.

BTC has lost more than 6% from its peak after the Grayscale lawsuit and is trading at $26,187 at the time of this writing. In other words, the world’s largest cryptocurrency has almost regressed to the price level before the lawsuit.

In addition, as reported as breaking news, the SEC has decided to postpone WisdomTree’s Spot Bitcoin ETF application. After the decision, the BTC price experienced another momentary downward wave.

However, according to the data, there have been large amounts of liquidations in the cryptocurrency market in the last 24 hours. While the total liquidation amount was 104 million dollars, 86 million dollars of this was long positions and 18 million dollars was short positions.

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According to the data, the highest liquidation occurred in Bitcoin with 34 million dollars, Ethereum with 23 million dollars, Bitcoin Cash with 2.7 million dollars, and XRP with 2.5 million dollars.

City Index’s senior market analyst Fiona Cincotta said the following in her statement on the subject:

“It’s been a painfully quiet month for BTC, but this week was the exception. “The Grayscale news provided a short-term boost, but this story may continue for longer as regulators are still keen to tame the wild west of finance.”

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Hello, my name is Vincent Parks. I help novice traders and private investors. I write articles on trading / TA / trading psychology etc. For the past 3 years, I have been an account manager in a company that specializes in binary options. I have more than 5 years of professional experience in FX/crypto trading. My goal in life is to share my knowledge and experience with more people.