Bitcoin’s rally to nearly $28,000 this week was short-lived.
On Thursday, the top crypto asset fell back to $26,300, which was roughly its level before the pump.
- According to Coinglass, the price dump has triggered $103.58 million in liquidations over the past 24 hours, including $3.12 million liquidation on Bybit.
In total, over 34,700 traders were liquidated by the price drop.
- The collapse comes shortly after a brief rally for Bitcoin on Tuesday, when Grayscale confirmed a decisive victory over the SEC in court in its battle to launch a Bitcoin spot ETF.
- The victory still doesn’t confirm that a spot ETF will be approved, however, which many expect to catalyze major price appreciation for Bitcoin.
- While Bloomberg analysts are confident the approval will happen, some still caution that the Federal Reserve’s tight monetary policy may keep prices sequestered for a while.
- Ether (ETH) has also declined 2.5% on the day to $1650, while XRP has fallen 3.28% to just $0.50.
Grayscale’s GBTC shares have fallen by 3.43%, erasing some of their gains after the lawsuit win this week.