Bitcoin price decreased by 5% in 24 hours after the postponement of the HashDex ETF decision

Nov 17, 2023
On Wednesday, BTC price dropped by 5% and was trading below $36 thousand after news of the postponement of the decision on the HashDex spot bid on the ETF. At the time of writing, the coin is trading at a price of $36.4 thousand.

When the BTC price approached $38 thousand, the sell orders took over. This led to the liquidation of long positions using borrowed funds and further price reduction.

The two-day roller coaster ride in the cryptocurrency market hit derivatives traders hard, liquidating positions with leverage worth about $340 million during this period.

According to K33 analysts, the postponement of the ETF decision may leave the market without a catalyst until early January.

Over the past 24 hours, the price of ETH has decreased by 4%, and Solana and Chainlink by 6% and 9%, respectively. Also, yesterday’s general decline weakened the value of Avalanche by 7%.