A fake post from the earlier-compromised X account of the US Securities and Exchange Commission (SEC), saying the regulator had approved spot Bitcoin exchange-traded funds (ETFs) sent Bitcoin prices on wild swings on Tuesday.
The OG cryptocurrency Bitcoin immediately jumped 2.5% on the fake news to $47,900 — the highest point in the last 19 months. However, it reversed course later, with BTC price falling to as low as $45,100, after SEC Chair Gary Gensler said the decision on whether to approve Bitcoin ETFs hadn’t been taken.
During morning hours in Asia, Bitcoin had recouped some losses, with BTC Price standing at $46,015 at the time of writing, down 1.5% over the last 24 hours. The market cap of Bitcoin dropped to $901.6 billion while trading volumes slid nearly 11% to $38.3 billion.
Ethereum — the second largest crypto — rose almost 3% over the last 24 hours to $2,377, with its market capitalization growing to $285.7 billion. Trading volume stood at $16.7 billion, up 26% over the last 24 hours.
While Tether (USDT) price was down 0.04%, BNB price rose 1% and Solana (SOL) was up 0.7% over the last 24 hours. Meanwhile, XRP, Cardano (ADA), and Avalanche (AVAX) were trading in the red. While Dogecoin prices largely remained flat, the Shiba Inu meme coin saw a nearly 3% rise in its prices.
The global crypto market bore the brunt of the huge price swings in Bitcoin and slid nearly 0.7% to $1.7 trillion. The fear and greed index level stood at 72, indicating investors were still keen on buying crypto.
The price of Pepe Coin rose over 1% over the last 24 hours to $0.000001198, resulting in a surge in its market cap, which stood at $503.6 million at press time. Trading volumes over the last 24 hours surged over 25% to $107.4 million.
Lido DAO investors are making hay while the sun shines as LDO price rallied nearly 21% over the 24 hours to $3.77. Its market cap grew to $3.36 billion while trading volumes appreciated a staggering 102% to $341.6 million.
Solana-based meme coin Bonk saw a nearly 30% rise in its prices over the last 24 hours. At press time, BONK’s price stood at $0.00001617, while its market cap stood at $1.02 billion. Trading volumes over the last 24 hours skyrocketed 115% to $601 million.
Also Read: Bitcoin ETF Fake Tweet: Anthony Scaramucci Says SEC Staff Jumped The Gun
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