Traders lost $190 million amid yesterday's SEC statement
Date: 2023-07-02 Author: Karina Ziganova Categories: IN WORLD
The total amount of liquidations in the crypto market over the past 24 hours exceeded $190 million, and most of the liquidations - $54.34 million, fell on bitcoin (BTC), which briefly fell below $30,000 amid the publication of a statement by the Securities and Exchange Commission (SEC) in the Wall Street Journal.
ETH, BCH, and LTC holders also suffered significant losses. Bitcoin Cash holders have lost more than $17 million, and Litecoin traders have lost about $15 million. Those who opened positions on DOGE, BNB, LINK, XRP and SOL were also out of luck.
80% of forced closures of positions accounted for only 3 platforms - OKX, Binance and ByBit.
The SEC's statement provoked a short-term market collapse
Over the past week, the cryptocurrency market has witnessed a new wave of institutional interest in BTC. Several traditional financial institutions, including investment giant BlackRock, have applied to launch a spot bitcoin ETF. In addition, on June 20, the EDX crypto exchange launched by Fidelity and Citadel began operating.
However, the Securities and Exchange Commission spoiled the positive mood of market participants, calling the submitted applications "not clear and exhaustive enough." According to the SEC, none of them met standards designed to prevent fraud and manipulation and protect investors and the public interest.
After the Commission's statements, the price of bitcoin fell by more than 5%. At the moment, the price fell below $30,000 to $29,770.
