"Bitcoin Plummets, Triggering $400M Liquidation Frenzy"

Bitcoin's value dropped by 8% amid market uncertainty regarding the approval of a spot Bitcoin ETF, leading to the liquidation of $500 million in derivatives. The market's confidence was further shaken by the poor performance of crypto mining stocks and a sell-off in crypto-related U.S. stocks. Despite earlier reports suggesting an ETF approval could be imminent, financial firm Matrixport anticipates rejections of all proposals by the SEC until at least Q2 2024. Bitcoin's price saw a significant dip, followed by a partial recovery, alongside a decrease in open interest due to the liquidations and traders reducing their market exposure.