Bitcoin’s rally to nearly $28,000 this week was short-lived.
On Thursday, the top crypto asset fell back to $26,300, which was roughly its level before the pump.
According to Coinglass, the price dump has triggered $103.58 million in liquidations over the past 24 hours, including $3.12 million liquidation on Bybit.In total, over 34,700 traders were liquidated by the price drop.
The collapse comes shortly after a brief rally for Bitcoin on Tuesday, when Grayscale confirmed a decisive victory over the SEC in court in its battle to launch a Bitcoin spot ETF.
The victory still doesn’t confirm that a spot ETF will be approved, however, which many expect to catalyze major price appreciation for Bitcoin.
While Bloomberg analysts are confident the approval will happen, some still caution that the Federal Reserve’s tight monetary policy may keep prices sequestered for a while.
Ether (ETH) has also declined 2.5% on the day to $1650, while XRP has fallen 3.28% to just $0.50.Grayscale’s GBTC shares have fallen by 3.43%, erasing some of their gains after the lawsuit win this week.