Bitcoin sheds $50 billion in market capitalization after faux SEC ETF approval rattles market

Following the faux information, BTC’s worth surged to almost $48,000, because it instantly grabbed important consideration, prompting untimely celebrations amongst crypto lovers anticipating this groundbreaking resolution.

Subsequently, the asset value swiftly plummeted to $45,100 after it was revealed that the SEC’s account had been compromised. SEC Chair Gary Gensler refuted the information of the supposed ETF approval, resulting in a pointy correction within the flagship cryptocurrency’s worth.

This wild value motion additionally impacted the broader market as large-cap different cryptocurrencies like Cardano (ADA), Avalanche (AVAX), Solana (SOL), BNB, and  XRP recorded losses of greater than 2%, respectively. Moreover, your entire cryptocurrency market is down 1.15% over 24 hours.