Bitcoin (BTC) registered a yearly high above $34,000 on Monday amid ongoing excitement that a spot Bitcoin ETF approval may be on the horizon for U.S. investors.
As of writing, the asset’s gains have triggered $327 million in liquidations across the crypto market in the last 24 hours.
According to TradingView, Bitcoin traded for $31,629 at 22:00 UTC on Monday, before skyrocketing to $34,140 over the next 40 minutes.
Bitcoin now trades for $33,219, which is still higher than the asset’s yearly high from prior to this week at $31,400 on July 13. At the time, crypto markets briefly surged over the excitement of Ripple’s victory in its lawsuit against the Securities and Exchange Commission (SEC).
According to CoinGlass, over 81,000 crypto traders have been liquidated in the past day. The single largest liquidation took place on Binance for a BTC / USDT trade of $9.98 million.
On Monday, the Court of Appeals formally ordered the SEC to review Grayscale’s spot Bitcoin ETF application, which many suspect the agency now has little choice but to accept.
Furthermore, BlackRock’s proposed ETF – the iShares Bitcoin Trust – was listed with the Depository Trust & Clearing Corporation, which clears NASDAQ-based trades, under the ticker iBTC.
On Twitter, Bloomberg ETF analyst Eric Balchunas said that such a listing is “part of the process of bringing an ETF to market.”
“BlackRock’s moves are typical for an ETF expecting to launch in week or so,” he added, “but most of what else I heard would indicate a month or two.”
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