Optimism

James

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The price of Bitcoin (BTC) <a href="https://www.tradingview.com/symbols/BTCUSDT/" rel="noopener noreferrer nofollow">soared</a> to a peak of $37,774 on the Bitstamp exchange earlier today.&nbsp;
This marks a significant increase of nearly 5% for the largest cryptocurrency by market capitalization.&nbsp;
This upward trend occurs amidst the backdrop of the U.S. Securities and Exchange Commission (SEC) delaying its decision on converting the Bitcoin futures ETF to a spot one.&nbsp;
<h2 id="optimism-persists-despite-etf-delays">Optimism persists despite ETF delays&nbsp;</h2>
Leading ETF analyst James Seyffart recently <a href="https://twitter.com/JSeyff/status/1724858905744867568" rel="noopener noreferrer nofollow">posted</a> on X about the SEC's delay in approving applications for three spot Bitcoin ETFs, including those from Hashdex, Franklin, and GlobalX.&nbsp;
These postponements appear to be expected, and Seyffart remains optimistic.&nbsp;
The leading analyst continues to cite a "pretty good chance" of approval with 90% odds by January 10, 2024.&nbsp;
He asserts that these delays should not be seen as deterrents to the high approval chances of a <a href="https://u.today/bitcoin-etf-hype-reemerges-as-global-x-amends-filing" rel="noopener noreferrer nofollow">Bitcoin ETF</a>.&nbsp;
<h2 id="a-closer-look-at-market-liquidations">A closer look at market liquidations&nbsp;</h2>
The past 24 hours have seen notable market movements with total liquidations amounting to $127.69 million, according to CoinGlass <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data</a>.&nbsp;
This includes $30.49 million in long positions and a significant $97.20 million in short positions.&nbsp;
Exchange-wise, <a href="https://u.today/crypto-exchange-binance-shares-new-feedback-roundup-details" rel="noopener noreferrer nofollow">Binance</a> faced $51.64 million in liquidations, with a 71.45% bias towards short positions.&nbsp;
Similarly, OKX experienced $37.49 million in liquidations, again predominantly in short positions (78.47%).&nbsp;

Bitcoin (BTC) Price Suddenly Surges Above $37,000 Despite SEC Delaying Spot ETF Decision

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