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International Business Times
International Business Times
Business
Nica Osorio

Bitcoin's Drop To $40K Spurs $671M In Long Liquidations, Heightens Market Volatility

Bitcoin SEC ETF Gensler Crypto CoinGlass Huobi Matrixport the US Securities and Exchange Commission
Bitcoin on laptop keyboard with red-lit keys and screen reflection. (Credit: QuoteInspector.com/flickr)

After surging above the $45,000 price level Tuesday, Bitcoin, the world's oldest and largest crypto asset by market capitalization, plummeted and briefly traded at around $40,000 Wednesday morning, triggering the day's current long liquidations to $671 million.

While the hype surrounding the spot Bitcoin exchange-traded fund (ETF) swells as the deadline for the U.S. Securities and Exchange Commission (SEC) inches closer, Bitcoin's value surged to new heights earlier this week, trading above the $45,000 price level, marking the first time in 21 months.

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