logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Jan 03, 2024
  • 2 min read

Bitcoin suddenly fell by $5,000 - what's happening?

At the moment, Bitcoin has experienced a sharp decline in the European session, dropping by a total of $5,000.

More than $500 million was lost by traders in this collapse.

Applications to launch spot Bitcoin ETFs may be rejected by the SEC.

At 14 Moscow time, Bitcoin experienced a sharp decline, resulting in a significant decrease in the value of all cryptocurrencies.

RBC reports that the downfall of the first cryptocurrency coincided with the release of an analytical report by Matrixport.

The US Securities and Exchange Commission (SEC) has announced that it will not approve applications to launch spot Bitcoin ETFs from any of the applicant companies, including BlackRock and Fidelity, due to a variety of reasons.

Matrixport estimates that it will not be until the fourth quarter of 2024 that these funds will be able to fulfill all regulatory requirements.

A massive liquidation of margin positions of traders on crypto exchanges was caused by the sharp decline of Bitcoin.

Coinglass reported that in a single hour, more than $500 million worth of positions were closed by force. The majority of these positions were long, meaning that traders were expecting the value of cryptocurrencies to continue to rise.

Yesterday, Bitcoin experienced a significant surge, reaching its highest level since April 2022 at approximately $46,000.

Share this article