Markets
Crypto Market Extends Drop Despite SEC Approval of Ether ETF Filings
Bitcoin and ether both experienced big swings before SEC ETF decision On thursday. ETH fell to $3,500 before rising to $3,900 as reports first emerged that approval of some registrations was imminent. Meanwhile, BTC fell below $66,500, then rose to $68,300 before settling just below $68,000. Liquidations across all leveraged crypto derivatives positions soared to more than $350 million during the day, the highest since May 1, CoinGlass data shows. Most of the positions were long positions betting on rising prices, worth around $250 million, suggesting that overleveraged traders were caught off guard by the sudden drop in prices.