Cryptocurrency

Bitcoin bulls take $85m hit amid SEC’s ETF approval

The SEC has approved 11 spot bitcoin ETF applications

Thursday 11 January 2024 at 11:49

Crypto bulls lost out in the aftermath of the SEC’s approval of bitcoin ETFs
Crypto bulls lost out in the aftermath of the SEC’s approval of bitcoin ETFs Photo: Getty Images

Bitcoin bulls were caught on the wrong foot after the US Securities and Exchange Commission gave the green light on 10 January to 11 spot bitcoin ETF applications.

Long bitcoin traders lost $85m on 10 January amid the cryptoasset’s extreme price volatility, according to data published by blockchain analytics platform Coinglass.