"Hmm maybe there is a shrimp behind the rock, but it's not possible, right?"
Two days ago the cryptocurrency king Bitcoin (BTC) broke through $47,000, today its price managed to reach $48,000 when there was news that the Securities and Exchange Commission (SEC) had approved the spot BTC ETF.
However, the price of BTC plummeted back below $46,000 after it was discovered that the announcement was purely fake and this has led to over $218 million in crypto trading being liquidated in the last 24 hours.
By observation, over $56 million in BTC trades were liquidated in the last hour and 72,000 traders were affected when a single liquidation occurred on a BTC/USD trade on Bybit for $6 million.
Returning to the description of the situation of the incident, SEC Chairman Gary Gensler said that the SEC's account was compromised following its official X page made false statements regarding the approval of spot BTC ETF.
However, Fox Business reporter Charles Gasparino said the SEC should investigate itself for manipulation of the crypto market through the fake tweets.
While Bloomberg ETF analyst Eric Balchunas believes that the tweet is real but mistakenly scheduled a day earlier than the SEC intended to issue their approval announcement.
As of this writing, BTC price has plunged by 2.12% to $45,730 in the last 24 hours with a market cap of $896 billion but is still up 1.24% over the last week.
