Bitcoin, SEC, ETF, market trends, and US economic data are the focus as Bitcoin’s price is currently trading just above $28,500, up 5%. A false report about the Securities and Exchange Commission (SEC) approving the first bitcoin spot ETF pushed up markets early Monday U.S. time. However, the market continues to trend downwards amid higher-than-expected U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) data.
Bitcoin ETF Approval Rumor and Its Impact
On Monday, Bitcoin’s price surged toward $30,000 due to a post on X (formerly Twitter) by the crypto news site Cointelegraph, claiming the approval of a spot bitcoin ETF. This caused $100 million in liquidations. However, BlackRock and other sources quickly debunked the claim, and Cointelegraph later apologized for a “tweet that led to the dissemination of inaccurate information.”
Bitcoin Liquidations in the Last 12 Hours
According to CoinGlass data, total bitcoin liquidations in the last 12 hours hit $137.2 million, with long liquidations coming in at $45.6 million and short at $91 million.
On-Chain Activity and Market Dominance
On-chain activity shows that bitcoin holdings by long-term investors are reaching record levels. Simultaneously, Ethereum’s gas usage is dropping significantly, leading to faster ether inflation. Bitcoin has increased its dominance while notching gains relative to ether.
U.S. Stock Market and Interest Rates
The S&P 500 closed up 1% while bonds drifted lower as diplomatic efforts intensified to prevent the Israel-Hamas conflict from becoming a regional conflict. Interest rates continue to be a concern for the market, with Yellen stating that high rates might be “persistent” in the U.S.
Impact on First-Time Home Buyers
Philadelphia Federal Reserve President Patrick Harker said during a speech at the Mortgage Bankers Association’s annual convention that high-interest rates have significantly hindered first-time home buyers’ access to the housing market.
Conclusion
In conclusion, the false report about the SEC approving the first bitcoin spot ETF temporarily pushed up the market but was quickly debunked. Bitcoin, SEC, ETF, market trends, and US economic data continue to influence the cryptocurrency market, with Bitcoin prices trading just above $28,500. On-chain activity indicates that long-term investors are holding onto their bitcoin, while Ethereum’s gas usage decreases. The U.S. stock market and interest rates remain a concern for investors, particularly first-time home buyers.
By following these market trends and staying informed about Bitcoin, SEC, ETF, and US economic data, investors can make better-informed decisions in the ever-changing cryptocurrency landscape.
