Bitcoin, Shiba Inu, and Dogecoin Surges by 6%, Resulting in $56 Million Liquidation
BlackRock, the world’s largest asset manager, has filed for a Bitcoin Exchange Traded Fund (ETF) and has chosen Coinbase Custody as its custodian. This news has sparked optimism in the cryptocurrency community and has led to a surge in the global crypto market cap, pushing it above $1 trillion. However, short traders have suffered as a result, with nearly 21,000 traders being liquidated and $55.95 million in total liquidations over the past 24 hours. Bitcoin traders have been the most affected, accounting for a third of the total wipe-outs.
Bitcoin and Ethereum have both seen a pump in price, with Bitcoin up 2.9% from its daily lows and Ethereum trading 2.36% higher than yesterday’s lows. However, both cryptocurrencies have been struggling to break past their respective moving averages. Meme coins like Dogecoin and Shiba Inu have also experienced a pump in price, as they often have a correlation with Bitcoin and Ethereum.
Among the four assets mentioned (Bitcoin, Ethereum, Dogecoin, and Shiba Inu), Dogecoin has seen the largest appreciation, with a 5.88% increase in price. Bulls are attempting to flip $0.06169 as support. Shiba Inu has also seen a significant increase of 4.51% and is currently trading at $0.00000670.
In summary, BlackRock’s filing for a Bitcoin ETF has ignited optimism in the crypto community and has led to a surge in the market cap. Short traders have suffered losses, while Bitcoin, Ethereum, Dogecoin, and Shiba Inu have all experienced price increases.