Moving with BlackRock’s ETF application, the crypto market breathed a sigh of relief with the consensus between Binance US and the SEC.
The cryptocurrency market has carried out almost all market activity with the news effect since the beginning of 2023. The market, which fell in the negative news flow, found a lifeline with the news of various deals and initiatives. The lawsuit against Binance and Coinbase by the SEC had plunged the crypto market into a huge decline. However, the world’s largest asset manager BlackRock’s ETF application became the lifeblood of the market. The consensus of Binance US and SEC, which came to the fore today, paved the way for the upward movement of the market.
The news feeds in the market have prepared a bullish environment for altcoins by more than 20 percent.
Altcoins Show a Strong Recovery
While the crypto market is on the rise after positive news flows, an average of 20 percent recovery was seen in altcoins. Some altcoins diverged and sat on the rising trend.
According to data from Coinglass, approximately $90 million has been liquidated in the last 24 hours. While these liquidations were long trading weighted until yesterday, they shifted to short positions as of yesterday. Short positions accounted for approximately $70 million of the $90 million liquidation. The biggest liquidations were on the side of BTC, ETH and XRP.
The most rising popular altcoins of the day drew attention. Sui (SUI), which has recently entered the crypto market and gained attention, is spending the day with an increase of close to 20 percent. SUI, which moved at an average price of $ 0.625 yesterday, came up to $ 0.75 today. The popular cryptocurrency became one of the remarkable altcoins of the day. On the other hand, Frax Shares (FXS) is spending the day with an increase of close to 17 percent. FXS was included among the remarkable altcoins with the news effect behind it. FXS’ team announced that they will launch their own decentralized smart contracts platform and blockchain. This news revealed the uptrend in FXS.
Other prominent cryptocurrencies of the day are as follows;
- SafePal (SFP) is up close to 18 percent for the day.
- Acala (ACA) is up more than 15 percent for the day.
- TrueFi is spending the day up close to 15 percent.
Looking at the overall outlook, BTC is trading above $26,500 and ETH is trading near $1,740.
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