BTC’s Volatile Ride
Over the weekend, Bitcoin remained range-bound between $26,500 and $27,000, with attempts to break through the latter level being unsuccessful. However, on Monday morning, Bitcoin experienced a significant surge of around $1,000 and reached $28,000. This was followed by reports of the SEC approving a spot BTC ETF in the US, which caused Bitcoin to skyrocket by $2,000 in minutes and touch a two-month high just below $30,000.
Unfortunately, these reports turned out to be false, leading to a sharp drop in Bitcoin’s price back to around $28,000. After some volatility and a minor recovery, Bitcoin is currently trading slightly above $28,000. Its market capitalization is over $550 billion, with its dominance over altcoins exceeding 50%.
SOL Bucks the Trend
While most altcoins experienced temporary gains from the fake news but quickly lost them, Solana (SOL) defied the market sentiment and surged by more than 6%. As a result, SOL is now valued at $24. On the other hand, mid-cap altcoins such as Uniswap, MakerDAO, CRO, LINK, LEO, AVAX, DOT, and ADA are trading in the red. Ethereum (ETH), Binance Coin (BNB), TRON (TRX), and Polygon (MATIC) have minor gains.
The total cryptocurrency market cap has increased by $10 billion overnight and is approaching $1.1 trillion. The 24-hour trading volumes also saw a significant spike of more than 140% following the fake news.
Hot Take: Market Reacts to Fake News about BTC ETF Approval
Bitcoin experienced a rollercoaster ride yesterday, fueled by fake news regarding the approval of a spot BTC ETF by the SEC. The cryptocurrency surged by $2,000 in minutes, only to quickly lose those gains after the reports were debunked. Altcoins also saw brief gains but most ended up with minor losses.
However, SOL emerged as a standout performer with a 6% daily surge. The total market cap increased by $10 billion overnight, indicating that despite the volatility caused by false information, the crypto market remains resilient.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.