Bitcoin Roller Coaster: Buckle Up and Enjoy the Ride!

Bitcoin Surges to $34.5K on ETF Excitement First Mover Americas Report

Bitcoin soars to $34.5K in Americas as ETF excitement takes hold.

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Bitcoin, the cryptocurrency that never fails to surprise, is at it again. After briefly soaring past $35,000, it has settled around $34,500. Talk about a wild ride! But what caused this sudden jump? Analysts are pointing fingers at none other than BlackRock and its Bitcoin exchange-traded fund (ETF) listed on the Depository Trust & Clearing Corp. database with the ticker $IBTC. BlackRock even updated its filings with the SEC, showing its readiness to seed the ETF starting from October 2023. This proactive move from BlackRock got experts like Matteo Greco from Fineqia buzzing with excitement. “BlackRock’s preparedness to start trading as soon as they get the SEC approval further substantiates the optimistic sentiment surrounding an impending approval,” said Greco. Bitcoin hasn’t seen these levels since May 2022, when the Terra-Luna, Three Arrows Capital, Genesis, and FTX dramas unfolded, making the atmosphere so sour that BTC crashed to $15,000. It’s like a roller coaster ride that takes you from exhilaration to fear and back again!

In other news, Binance, the world’s largest crypto exchange, has lost its head of U.K. operations. It seems like high-level executives are fleeing the sinking ship. Jonathan Farnell, the head of Binance U.K. and CEO of Bifinity, left the firm last month after its payment service was disbanded in August. Binance thanked Farnell for his contributions but also wished him luck in his next challenge. It’s like a game of musical chairs at Binance, with executives jumping ship faster than you can say “crypto.” Maybe they should consider opening up a carnival instead!

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Bearish Bets and Million-Dollar Liquidations

Speaking of roller coasters, bearish bets on Bitcoin have caused traders to lose over $178 million in the past 24 hours. Ouch! But here’s the kicker: these losses came as prices soared past a critical resistance level. It’s like betting against a roller coaster while it’s speeding to the top. Data shows that bitcoin-tracked futures accounted for nearly 50% of the total $400 million in crypto liquidations over Monday, with ether futures seeing $50 million in liquidations. Think of it as getting thrown off the roller coaster because you couldn’t keep up with the speed and thrill. Liquidation happens when traders fail to meet the margin requirements for their leveraged positions, forcing the exchange to close the trade. It’s like the ride operator saying, “Sorry, you don’t have what it takes. Enjoy your fall!”

Chart of The Day: Greed is in the Air

• The fear and greed index, a method used to track investor sentiment, is reading “greed” for the first time since mid-July.
• Readings above 60 indicate the market is in the “greed” stage, while those below 40 signify “fear.”
• The indicator switched from “neutral” to “greed” after Bitcoin reached a 16-month high on Monday.
• Source: CoinMarketCap

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Hold on tight, fellow investors! The Bitcoin roller coaster continues to deliver thrills and spills. Buckle up and enjoy the ride, because with every twist and turn, there’s an opportunity for profit. Just remember, the crypto market is like a theme park, and you’re here for the excitement and adventure. So, embrace the ups and downs, and let’s see where Bitcoin takes us next!

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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