Crypto Market Suffers $218 Million In Liquidations As Bitcoin Price Rollercoasters On Fake SEC Tweet
The event could force the SEC to investigate itself for market manipulation over their fake claims about Bitcoin ETF approvals.
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.
The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024
- 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Insider Selling Explodes Ahead of the U.S. Close: 5 Altcoins That Could Survive the Next Market Shake-Up
U.S. nonfarm payrolls unexpectedly strong, probability of rate hike in September rises to about 60%, market closely watching next week's CPI
In August, the U.S. added 162,000 non-farm jobs, roughly three times the expected number, demonstrating strong resilience in the labor market. The probability of a Fed rate hike in September has risen to about 60%. U.S. Treasury yields generally increased, U.S. stocks closed lower, but weekly gains were maintained. Continued investment in AI infrastructure and credit expansion are supporting the economy. The market's focus will shift to next week's CPI data to assess the Federal Reserve's policy direction.
Revolut wins conditional OCC approval – What it means for EURR and crypto
Oil Prices Set for a "Big Plunge"? Bassent: Crude Oil May Drop to $40-50 After Iran Conflict Ends
U.S. Treasury Secretary Yellen stated that once the Iran conflict ends, international oil prices may experience a significant drop, potentially falling to $40–$50 per barrel.
Crypto prices
More
