Benzinga - Ethereum (CRYPTO: ETH) price crossed the $2,000 mark for the first time since July 2023 after BlackRock Advisors registered an iShares Ethereum Trust in Delaware.
The Block reported, citing Bitfinex analysts, “We believe that we are in an accumulation phase for the next cycle and the bottom could very well be in place.”
Price Action: Ethereum prices reported gains of more than 8% at the time of writing. Trading volume saw a surge of 259% and the market cap for the same period increased a little more than 10%.
Crypto majors Bitcoin and Ethereum have breached milestone levels and moved higher amid optimism surrounding the crypto space. Benzinga’s Future Of Digital Assets Event in New York is scheduled on Nov.14. Attend and learn more about Bitcoin, Ethereum and its impact on the crypto industry. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
The rally also comes on the heels of SEC opening the window to issue approval orders for all the 12 spot Bitcoin (CRYPTO: BTC) ETF applications.
Global crypto market capitalization is currently standing at $1.38 trillion which is a 2.3% increase from the prior day, based on data from CoinMarketCap. The total crypto market volume over the last 24 hours is $93.03 billion, marking a 131.99% increase. Ethereum market cap has almost doubled from its year-ago levels to $245.5 billion.
Read Next: BlackRock's Nasdaq Filing Paves Way For New Ether ETF
Price Swing Leading To Liquidations: Led by the significant price swings in Bitcoin and Ethereum, more than $400 million of open trades were liquidated, on Thursday, which is the highest since August 2023 levels.
CoinGlass data, as reported by CoinDesk, indicated $241 million of short positions and around $200 million of longs were liquidated during the day for all crypto assets combined. This marked the highest liquidations since August 2023.
Term Defined: Liquidations are defined as an exchange forcefully closing a leveraged trading position due to the partial or total loss of the trader's money down, or if there are not enough funds to keep the trade open.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join Benzinga on Nov. 13 Fintech Deal Day and Nov. 14 for the Future of Digital Assets. Secure a spot here to join them.
Also Read: BTC Crosses $37K As Liquidations Rise: Can Bitcoin Reach $40,000 Before 2023 Ends?
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