Investors and traders were taken by surprise when a hacker’s fake announcement of a Bitcoin ETF approval was posted on the SEC’s official social media account, causing chaos. The misleading information led to significant price fluctuations in Bitcoin (BTC) and several altcoins.
Following the realization that the Bitcoin ETF approval announcement was fake, the market experienced a downturn. However, certain altcoins saw price increases, drawing attention. The fake SEC announcement caused Bitcoin’s price to spike to $47,900 before plummeting to $45,500 after the denial. This rapid shift resulted in over $140 million in liquidations for futures investors.
Despite Bitcoin’s price drop, some altcoins like Ethereum (ETH), HEX, AAVE, Lido DAO (LDO), and PEPE bucked the trend and saw gains, pleasing investors. This divergence from Bitcoin’s price movement, which has been rare recently, created a positive outcome for altcoin investors.
Data showed that while Bitcoin’s price fell by 3%, the mentioned altcoins continued to rise into the early hours of the day. Ethereum stood out with a 3.35% increase in the last 24 hours, while Lido DAO (LDO) surged by an incredible 19%, reflecting a significant boost in the crypto world.
The overall market volume increased by 16% to $3.4 billion, with a 114% rise in trading volume indicating strong investor engagement in altcoin trading. The potential impact of an official Spot ETF approval on the altcoin rally and its effect on Bitcoin remains uncertain, with the possibility of replicating past influences and supporting sharp increases.