Bitcoin
(BTC)
endured
wild
swings
during
Tuesday’s
trading
session
as
a
U.S.
Securities
and
Exchange
Commission
(SEC)
social
media
post
about
approving
spot
bitcoin
exchange-traded
funds
(ETF)
turned
out
to
be
false,
leaving
market
participants
baffled.
BTC
first
rallied
2.5%
to
a
fresh
19-month
high
of
$47,900
immediately
following
the
official
SEC
account’s
shared
on
X
(formerly
Twitter)
about
the
bitcoin
ETF
approval,
attracting
massive
attention
with
crypto
observers
prematurely
celebrating
the
landmark
decision.
Then,
bitcoin
sharply
declined
nearly
6%
to
as
low
as
$45,100
when
it
turned
out
the
SEC’s
account
was
compromised,
and
SEC
Chair
Gary
Gensler
denied
the
news.
The
wild
price
action
liquidated
over
$50
million
worth
of
derivatives
trading
positions
on
crypto
exchanges
within
an
hour,
CoinGlass
data
shows.
Liquidations
occur
when
an
exchange
forcefully
closes
a
trader’s
open
position
using
borrowed
money
due
to
loss
of
margin.
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Crypto
liquidations
in
an
hour
(CoinGlass)
Recently,
BTC
changed
hands
slightly
below
$46,000
at
press
time,
down
some
2%
over
the
past
24
hours.
This
was
the
second
instance
during
the
day
when
a
false
social
media
post
triggered
massive
volatility.
Earlier
Tuesday,
dogecoin
(DOGE)
jumped
as
much
as
9%
on
an
X
post
about
the
death
of
the
token’s
mascot,
then
declined
as
the
news
turned
out
to
be
false.
Alex
Krüger,
co-founder
of
Asgard
Markets,
noted
that
today’s
events
suggested
bitcoin
might
not
rally
as
much
as
bulls
hope
when
the
real
news
about
an
approval
arrives.
“Fake
ETF
news
showed
BTC
upside
is
clearly
capped
until
we
see
actual
ETF
inflows,”
Krüger
said
in
an
X
post.
“Time
for
ETH
to
take
over.”
