{"id":186445,"date":"2023-11-03T09:47:40","date_gmt":"2023-11-03T04:17:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=186445"},"modified":"2023-11-03T09:47:40","modified_gmt":"2023-11-03T04:17:40","slug":"crypto-rally-fizzles-as-etf-euphoria-fades-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-rally-fizzles-as-etf-euphoria-fades-crypto-news\/","title":{"rendered":"Crypto Rally Fizzles As ETF Euphoria Fades – Crypto News"},"content":{"rendered":"

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Crypto markets have given up some ground after rallying sharply to start the week on optimism that a spot Bitcoin ETF could be approved sooner rather than later.<\/p>\n

Bitcoin is down 3% in the past 24 hours, while ETH trades 3.5% lower at $1,800. The consolidation comes after Bitcoin hit a 17-month high of $35,900 on Nov. 1, just a day after the world\u2019s most valuable cryptocurrency turned 15<\/a>.<\/p>\n

<\/p>\n

BTC Price Action<\/figcaption><\/figure>\n

<\/a><\/p>\n

Meanwhile, the GBTC discount<\/a> \u2013 the difference between the value of a GBTC share and the value of Bitcoin backing it – continues to narrow as investors hope for the conversion of Grayscale\u2019s closed-ended fund into an ETF.<\/p>\n

\"leaderboard\"<\/a><\/p>\n

\"GBTC
GBTC Discount<\/figcaption><\/figure>\n

<\/a><\/p>\n

Solana\u2019s SOL is down 9% today but remains up 20% in the past week on positive cues from the ongoing Breakpoint developer conference<\/a>.<\/p>\n

Most of the top 100 digital assets by market capitalization are down over the past day, with the exception of CRO, the token of the Crypto.com exchange; MNT, the network token of an Ethereum Layer 2 backed by ByBit; and Cardano\u2019s ADA token.<\/p>\n

$180M In Liquidations<\/h2>\n

As of 2pm ET, more than $180M of leveraged positions had been liquidated<\/a> over the previous 24 hours, with traders on both sides of the market being whipsawed by the volatility.<\/p>\n

\"24H
24H Liquidations<\/figcaption><\/figure>\n

Prior to the selloff, elevated funding rates on perpetuals exchanges were indicative of retail traders piling on leverage to chase the rally.<\/p>\n

\"Perpetual
Perpetual Funding Rates As Of 3AM ET on Nov 2<\/figcaption><\/figure>\n

Some market participants warned<\/a> that sentiment was getting ahead of the price action.<\/p>\n

Biggest Losers<\/h2>\n

Crypto casino Rollbit saw its RLB token dive 14% today, the most of any top 100 digital asset. Decentralized graphics solution RNDR and memecoin PEPE dropped 12%.<\/p>\n

Prominent projects Aave, Fantom, Lido, Arbitrum, Optimism, Synthetic and Chainlink all shed between 7% and 10%.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto markets have given up some ground after rallying sharply to start the week on optimism that a spot Bitcoin ETF could be approved sooner rather than later. Bitcoin is down 3% in the past 24 hours, while ETH trades 3.5% lower at $1,800. The consolidation comes after Bitcoin hit a 17-month high of $35,900 […]<\/p>\n","protected":false},"author":2,"featured_media":186446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-186445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=186445"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186445\/revisions"}],"predecessor-version":[{"id":186448,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186445\/revisions\/186448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/186446"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=186445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=186445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=186445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}