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Bitcoin (BTC) Price Suddenly Surges Above $37,000 Despite SEC Delaying Spot ETF Decision

The price of Bitcoin (BTC) soared to a peak of $37,774 on the Bitstamp exchange earlier today.

This marks a significant increase of nearly 5% for the largest cryptocurrency by market capitalization.

This upward trend occurs amidst the backdrop of the U.S. Securities and Exchange Commission (SEC) delaying its decision on converting the Bitcoin futures ETF to a spot one.

Optimism persists despite ETF delays

Leading ETF analyst James Seyffart recently posted on X about the SEC’s delay in approving applications for three spot Bitcoin ETFs, including those from Hashdex, Franklin, and GlobalX.

These postponements appear to be expected, and Seyffart remains optimistic.

The leading analyst continues to cite a “pretty good chance” of approval with 90% odds by January 10, 2024.

He asserts that these delays should not be seen as deterrents to the high approval chances of a Bitcoin ETF.

A closer look at market liquidations

The past 24 hours have seen notable market movements with total liquidations amounting to $127.69 million, according to CoinGlass data.

This includes $30.49 million in long positions and a significant $97.20 million in short positions.

Exchange-wise, Binance faced $51.64 million in liquidations, with a 71.45% bias towards short positions.

Similarly, OKX experienced $37.49 million in liquidations, again predominantly in short positions (78.47%).

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