Daily Times

The cryptocurrency market experienced significant price fluctuations on Wednesday, triggered by a misleading social media post from the US Securities and Exchange Commission (SEC) regarding the approval of spot bitcoin exchange-traded funds (ETFs); however, the market capitalization lost 2.1 percent to reach $1.75 trillion after the post was termed fake.

As of 1305 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, dipped to $44,933 with a loss of 3.3 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $874.3 billion with this decrease. Bitcoin has been 2 percent up in the past seven days.

The official SEC account on X (formerly Twitter) falsely claimed the approval, causing BTC to surge by 2.5 percent to reach a fresh 19-month high of $47,900. Crypto enthusiasts celebrated prematurely, only to witness a subsequent sharp decline of nearly 6 percent to as low as $44,600 when it was revealed that the SEC account had been compromised. The movement saw a liquidation of over $50 million worth of derivatives.

SEC Chair Gary Gensler promptly denied the news, confirming that the commission had not approved any bitcoin ETF applications, contradicting the false statement made on X.

On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, price increased by 4.7 percent to reach $2,384. With this increase in price, the market capitalization of ETH has reached $282.3 billion. ETH has gained 2 percent of its value during the last seven days.

Similarly, Binance Coin (BNB) price decreased by 2.5 percent to reach $294. The market capitalization of BNB has reached $45.1 billion with this decrease. BNB has shed 9.7 percent of its value during the last seven days.