The bitcoin price has broken through the $45,000 mark, as anticipation grows that regulatory approval for U.S.-based spot bitcoin ETFs could be granted this week.

The largest digital asset by market cap is changing hands for $45,035 at 8:00 a.m. ET, according to The Block's Price Page.

The spike in prices led to a substantial liquidation of leveraged positions on centralized exchanges. The volatility resulted in the liquidations of more than $8 million of bitcoin positions in the past hour, with the majority ($6 million) being shorts.

The overall crypto market saw over $10 million of liquidated short positions in the past, contributing to a total of around $15 million in liquidations across various …