Investors anxiously waited for the official approval of spot bitcoin ETFs by the SEC, causing bitcoin and other cryptocurrencies to stagnate. This came after a false announcement was posted on the highly anticipated news by the regulator’s X.com account.
Bitcoin experienced a decline of over 2% on Wednesday, extending the losses incurred the previous day, with its price reaching $45,398.66, according to Coin Metrics. On the other hand, ether (ETH) saw a rise of more than 7%, reaching $2,434.41. At its peak, it hit $2,453.04, the highest level recorded since May 2022. Initially, both bitcoin and ether saw a surge on Tuesday afternoon, just before the Securities and Exchange Commission declared that its X account had been compromised, leading to misinformation.
Bitcoin reached a high of $47,901, but it fell short of the expected substantial rally. Ether, on the other hand, climbed to around $2,390. The SEC’s decision on the Ark 21Shares spot bitcoin ETF application is expected to be announced on Wednesday. It is widely believed that the agency will approve multiple applications simultaneously.
Many investors anticipate a sell-the-news event, given the high unrealized profits held by numerous individuals, historically preceding price corrections according to data from CryptoQuant.
Source (CNBC)
