Here's a chart comparing bitcoin liquidations on Thursday versus the FTX collapse in November 2022.
This feels like yet another sign of the drying #liquidity markets we have seen over the last few weeks. Source: The Kobeissi Letter
After falling from $29k Wednesday evening to $27.5k yesterday, #bitcoin crashed $2,000 in just 10 minutes overnight to hit a low of $25,314 on a massive order dump which quickly took out all stops
While it's not clear what the immediate catalyst is, the crash coincides with reports that Elon Musk's SpaceX has sold out all the BTC it previously acquired ($373 million).Others have pointed to China’s Evergrande Group filing for Chapter 11 bankruptcy in New York. The fall has taken Bitcoin's market cap below $500 billion for the first time since June 16 and hit lows not seen since June 20. Source: cointelegraph, zerohedge
Bitcoin selling intensifies wth
Some of it has been attributed to legal uncertainties surrounding Greyscale's lawsuit against the SEC, with a ruling coming as early as Friday Evergrande's bankruptcy isn't helping the mood. Source: Markets & Mayhem
Bitcoin trading volume just hit the lowest point ever recorded
Source: Bitcoin news
SEC delays set deadlines for Bitcoin ETF approval to early 2024
With a maximum 240-day window available to the #SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023.
We will know about the Grayscale SEC outcome TODAY at around 11am EST (Grayscale Bitcoin Trust has filed to convert its Trust into spot bitcoin etf)
Only a small fraction of cases have taken longer to get decision. So odds are pretty good. See below: Source: Bloomberg, Eric Balchunas
Countries with the highest interest in bitcoin
Source: Google Search
