Crypto Prices Plunge as SEC Outlook Dims, Over $600 Million Liquidated
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Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin saw significant price drops on Wednesday, with over $600M in longs liquidated in 24 hours.
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The declines coincided with a report predicting the SEC would reject Bitcoin spot ETF applications, contradicting a previous positive outlook.
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Bitcoin fell from around $45K to $40K early Wednesday before recovering to around $42.7K. Ethereum dropped 7% to $2,207 and Dogecoin 11% to $0.071.
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The recent weakness in crypto-related stocks was cited as a potential indicator that momentum in digital assets may be waning.
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Analysts remain bullish long-term, with key support and resistance levels identified for Bitcoin between $36-39K and $48-51K.