A fake news release last evening claiming the U.S. Securities and Exchange Commission (SEC) had approved a Bitcoin product caused a significant market reaction. The SEC’s account was later confirmed to have been compromised. Following the announcement, Bitcoin’s price surged by 2.5% to $47,900, marking the highest level in 19 months.
Shortly after, SEC Chairman Gary Gensler clarified that no decision on Bitcoin ETF approvals had been made, which led to Bitcoin’s price dropping to $45,100. With the opening of Asian markets, Bitcoin saw a slight recovery but still ended the 24-hour period down by 1.7% at $45,998, with its market cap falling by 1% to $900 billion and trading volume decreasing by 11% to $38 billion.
Despite Bitcoin’s decline, Ethereum rose nearly 2% over the last 24 hours to $2,362, with its market cap reaching $286.1 billion and trading volume increasing by 26% to $16.792 billion. Other major altcoins like BNB, Solana (SOL), XRP, Cardano (ADA), and Avalanche (AVAX) experienced mixed results, with Dogecoin and Shiba Inu showing brief spikes before retracting.
Pepe Coin saw over a 1% increase in the last 24 hours, reaching $0.000001198 and boosting its market cap to $503.6 million, with trading volume surging over 25% to $107.4 million. Lido DAO (LDO) investors started the day positively, with its price jumping nearly 21% to $380, and its market cap rising to $3.385 billion.
The meme coin from the Solana network, Bonk, also pleased investors with an 18.63% price increase, with its market value reaching $984 billion at the time of writing.