23.3 C
New York
Tuesday, June 25, 2024

Crypto Market Suffers $218 Million In Liquidations As Bitcoin Price Rollercoasters On Fake SEC Tweet

Must read

Over $218 million in crypto trades have been liquidated in the past 24 hours after a fake government announcement claiming that Bitcoin spot ETFs have already been approved in the U.S.

  • According to Coinglass, over $56 million in Bitcoin trades have been liquidated in the past hour alone.
    Over 72,000 traders were affected, with the largest single liquidation taking place on BTC/USD trade on ByBit for $6 million.
  • The Securities and Exchange Commission (SEC)’s official X page claimed on Tuesday that approval had been granted for Bitcoin ETFs to go live on all national securities exchanges.
  • However, SEC chairman Gary Gensler later claimed that the SEC’s account had been compromised and that ETFs were not approved.
  • Bitcoin’s price skyrocketed to $47,800 on the news before immediately descending to $45,400 as the market digested what was going on.
  • Fox Business correspondent Charles Gasparino reported afterward that the SEC would need to investigate itself for market manipulation via the fake tweet, according to input from lawyers.
  • Bloomberg ETF analyst Eric Balchunas theorized that the tweet was real but mistakenly scheduled a day earlier than the SEC had intended to release their approval announcement.
  • Balchunas maintains that ETFs will likely go live on Thursday.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

More articles

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Latest News