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Bitcoin falls due to incorrect ETF approval post
Bitcoin fell on Tuesday after a Securities and Exchange Commission social media account was compromised and sent false social media posts claiming the regulator had approved a long-awaited Bitcoin exchange-traded fund. Immediately after the initial post, the world’s largest cryptocurrency soared to $47,901, its highest since March 2022, but has since traded 3% lower.
market recession
Wall Street’s benchmark S&P 500 index fell slightly on Tuesday, closing 0.15% lower, while the Dow Jones Industrial Average fell 0.42%. However, the Nasdaq Composite Index rebounded from a 0.9% drop in early trading to rise 0.09% by the close. Tech stock prices continued to rise, halting a steep decline. Asian stocks also bucked the trend, with Japan’s Nikkei Stock Average rising more than 2% to a 33-year high as health technology and consumer services stocks rose.
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Bitcoin is perhaps the most popular cryptocurrency in the world and has seen a dramatic rise over the last year. Much of that was fueled by the hype surrounding Bitcoin exchange-traded funds (ETFs), which have seen the cryptocurrency rise about 60% in the past three months.
A false social media post about the SEC’s approval of such an ETF was not what the crypto enthusiasts most expected.
Market participants had expected an update from regulators as early as Wednesday, the deadline for the SEC to approve or deny applications.
However, Bitcoin was quickly sold off after the SEC announced that the
In the early hours of Asian time, social media “This was done by individuals,” he said. ”
“This decline is indicative of market turmoil,” said Michael Linko, research analyst at Delphi Digital. “While this type of mass boomerang event probably scared some people and resulted in them being risk-averse, the initial market reaction is encouraging.”
But while approval by the SEC remains widely expected, some investors believe that given Bitcoin’s impressive rally, it means the first-day effect of approval could end up being just a selling event. thinking.
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