Bitcoin Cracks Above $30k Triggering $265 Million in Liquidations

Estimated read time 2 min read

Bitcoin(BTC) has risen back above $30,000 for the first time since April amid optimism that a Bitcoin spot ETF product could soon be approved in the United States. 
The asset appears to be outperforming other cryptos, sending Bitcoin dominance to another two-year high above 51%. 

Bitcoin traded for roughly $28,300 early on Wednesday, before surging to $30,650 by 16:38 UTC. At press time, the asset trades for $30,250, according to TradingView.
The pump puts Bitcoin up 7.00% since the stock market opened, outperforming Ether’s 4.69% rise over the same period. 
Bitcoin has been on the rise since late yesterday when the coin surged from under $27,000 to over $29,000.
Over the past 24 hours, Bitcoin’s volatility has triggered $265 Million in liquidations across the crypto market, according to CoinGlass. That includes over 64,000 traders, the largest of whom was liquidated for $9.3 million. 
The excitement around Bitcoin appears to be growing after BlackRock – the world’s largest asset manager – filed with the SEC to launch a Bitcoin spot ETF product last week. 
Invesco and WisdomTree later resubmitted filings for similar products after previously being turned down by the commission. Though the SEC has shown resistance to such a product, BlackRock has an incredibly strong success rate for seeing its products approved.
Meanwhile, altcoins like Cardano (ADA) and BNB are suffering after being explicitly named as securities in the SEC’s lawsuits against Coinbase and Binance earlier this month. 
MicroStrategy Executive Chairman Michael Saylor predicted last week that Bitcoin would likely benefit from the U.S. regulatory crackdown against alternative cryptos.
Bitcoin dominance now stands at 51.74% – its highest level since late April 2021. 
As usual, Bitcoin skeptic Peter Schiff is not amused by Bitcoin’s success this week. “Speculators are pilling into Bitcoin… because they believe more speculators will buy if another Bitcoin ETF or crypto exchange is created,” he tweeted on Wednesday.

Bitcoin / USD. Source: TradingView
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