Crypto Price Today: Bitcoin slips below $43,200 ahead of decision on BTC ETF; altcoins tumble up to 12%

The cryptocurrency markets were trading in the deep red on Thursday amid reports that the SEC may reject the spot Bitcoin ETF application. Amid this backdrop, a major correction affected Bitcoin, Ether, and various altcoins.

Crypto investment services provider Matrixport expects the US SEC to reject all applications to list a spot Bitcoin ETF this month.

In today's trade, the global cryptocurrency market cap declined by 4.73% to around $1.65 trillion in the last 24 hours. At 10:34 am, BTC was trading 4.37% lower at $43,192, while Ethereum was down 5.55% at $2,240.


Altcoins, such as Polygon, Dogecoin, Avalanche, and Cardano, declined 8-12%. XRP, Solana, Shiba Inu, Litecoin, and Toncoin also plunged.

"Crypto market experienced a strong sell-off yesterday as speculations around spot ETF approval (or rejection) continue to add to the volatility. Bitcoin will likely consolidate at current levels ($43,000) before a strong move to either side by early next week," said Vikram Subburaj, CEO at Giottus.

"This downturn across major crypto assets triggered a wave of liquidations in the derivative market. Regardless of the specific trigger for the market correction, bullish traders were taken by surprise, resulting in a rapid series of long liquidations. Within the last 24 hours, the crypto market witnessed liquidations exceeding $577.7 million in long positions, with $554.5 million being wiped out in the preceding 12 hours," said ZebPay Trade desk.

The total volume in DeFi is currently $11.28 billion, 9.53% of the total crypto market 24-hour volume. The volume of all stablecoins is now $104.77 billion, which is 88.48% of the total crypto market 24-hour volume.

Bitcoin's dominance is currently 51.21%, according to CoinMarketCap. BTC volume in the last 24 hours rose 47.8% to $47.05 billion.

Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "Technical analysis suggests that Bitcoin's near-term outlook is cautiously bullish above $42,000, but external factors can quickly change the direction of the market, urging investors to watch key levels and broader indicators."

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