During the late hours of Tuesday, the Crypto market experienced what it called a "rollercoaster session" following some announcements.
It was reported that the cryptocurrency trade valued at millions of dollars was liquidated following an unreliable announcement stating that Bitcoin spot ETFs have been approved in the world's largest economy.
The announcement was posted on X, formerly Twitter, and it reads,
The SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.
Following the fake news, the price of Bitcoin quickly rose $1.5K Due to the anticipation of the clearance, many crypto buyers inflated the price of Bitcoin to climb to $47.5K
"The SEC's @SECGov X/Twitter account has been hacked," this was a statement from a representative. "The SEC or any of its employees did not send messages on bitcoin ETFs."
The representative also claimed that "unauthorized access to and activity on" the account by an "unknown party" occurred in a different statement later made public. According to the statement, the party no longer has that unauthorized access, as reported.
After the fake post went viral, the price of Bitcoin skyrocketed to $48K before falling to $45,500 in a few minutes following the SEC's decision. When this report was filed, its trading value was less than $45.9K.
According to a report, in the last 24 hours, 70,973 traders were liquidated, with liquidation totalling $216.62 million. The largest single liquidation order happened on Bybit – BTCUSD and was valued at $6 million.
Read more: https://www.investingport.com/crypt...sion-following-fake-news-released-on-tuesday/