©Reuters
NEW YORK – The stock’s value crossed the $43,000 mark today, after a market plunge that sent it down to nearly $41,000. The rebound was spurred by asset management giant BlackRock’s decision to align its exchange-traded fund (ETF) offering with U.S. Securities and Exchange Commission (SEC) standards. The introduction of the IBIT ticker for the proposed ETF, which will allow for cash stock transactions, has been welcomed by investors.
The recovery of cryptocurrencies led to significant liquidations in the market, where positions totaling approximately $206 million were closed across various trading platforms. More than 81,000 traders were affected, with bitcoin-specific positions accounting for $68 million of the amount liquidated. Users of the Binance platform suffered the brunt of these losses, including a long bitcoin order worth $8.82 million.
Analysts point to the decline in the Liquidation Susceptibility Index and the dominance of bitcoin as an exceptional asset class as indicators of this maturation. Major cryptocurrencies have shown resilience, signaling a strong recovery and investor confidence in the digital asset sector.
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