Data shows the crypto futures market has seen a large amount of liquidations on Wednesday as Bitcoin has registered a sharp surge.
Crypto Liquidations Total At $170 Million During Past 24 Hours
On Tuesday, August 29, news broke out that Grayscale has emerged victorious against the United States Securities and Exchange Commission (SEC) in its lawsuit. Bitcoin enthusiasts have long speculated that this victory could pave the way for a spot Bitcoin Exchange Traded Fund (ETF), so, it’s not surprising that the market has positively reacted to it.
Until Tuesday, BTC had been stuck in consolidation for quite a while, but with the news, the cryptocurrency finally escaped out of this sideways movement in spectacular fashion as its price shot up toward the $28,000 level.
The asset couldn’t maintain at those high prices for long, however, as it soon retraced back toward the current $27,400 mark. The below chart shows the volatile price action that BTC has observed recently.
Even with this pu
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