The cryptocurrency market experienced a minor downturn on Tuesday, resulting in the liquidation of 51,441 future crypto traders and a total liquidation value of $116.07 million within the past 24 hours.

What Happened: Notably, long positions in Ethereum saw liquidations worth $21 million, while BTC longs saw over $20 million in liquidations.

In other news, bankrupt crypto lender Genesis successfully won a bid to block parent company Digital Currency Group (DCG) from selling or reducing its ownership of the company during Chapter 11 proceeding.

Top Gainer (24 Hour)

The global crypto market cap has reached $1. trillion, marking a 4.51% increase in the last 24 hours.

On Tuesday, the S&P 500 inched closer to its record high as a result of the Federal Reserve’s recent favorable stance on interest rates, which boosted the stock market. The broad market index rose by 0.59%, touching 4,768.37. With this increase, the S&P 500 is now only 0.6% away from surpassing its record close and 1% short of matching its intraday record, both of which were set earlier in January 2022.

In addition, the Nasdaq Composite grew by 0.66% to 15,003.22. This is the first time the tech-heavy index has closed above the 15,000 level since January 2022. Meanwhile, the Nasdaq 100 climbed by 0.49%, setting all-time intraday and closing highs at 16,811.85.

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe believes that the Bitcoin market is currently experiencing a sluggish trend, characterized by marginal fluctuations within a particular price range.  “If entries are provided sub $41K, probably ready to take them. Main scenario remains this range between $38-48K for the upcoming 3-6 months.”

According to trader Jon Najarian, the potential approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) could act as a catalyst, leading to a sudden parabolic swing in Bitcoin’s value. Najarian has expressed that he firmly believes in the endorsement of such ETFs and predicts that it could result in Bitcoin experiencing a surge of as much as 30% within a short span of just two days.

“I think we’re going to get a spot Bitcoin ETF. When we do, Bitcoin will move 25% to 30% in two days. People are getting ahead of that. I think we’ll go back down and test $37,000 again… It seems like on the charts that’s where we had so much difficulty to the upside. And that’s where we’re likely to find support to the downside.”

According to Santiment, an on-chain analytics firm, the wallets of Bitcoin holding 1 or less BTC have shown a highest ever number of accumulated coins. This trend has been observed since the start of November, as those wallets have been amassed aggressively. However, during the past couple of months, mid-tier wallets have shown a slight decline, while the number of Bitcoin whales has increased.