Bitcoin touches $48k briefly after fake tweet from SEC’s X account

Crypto market overview: Bitcoin has seen a major uptick right after a Tweet posted from the US Securities and Exchange Commission's X.com account, informing the investors that the regulators have approved all Bitcoin spot ETFs, however, the news was false and tweeted by hackers who took control of the SEC’s official X handle. 

Following this, Bitcoin’s price fell below $45,000 and currently hovering close to $46,000. Other altcoins have also seen a correction in this price action, however, ETH charts have remained positive with more than 3.3 per cent gains in the last 24 hours.

The Crypto Fear and Greed Index has also seen a 3-point dip from yesterday’s 76-point mark.

Image credit: Alternative.me

CoinSwitch markets desk also shared their insights into the market movement in the last 24 hours. CoinSwitch said, “In one of the most interesting turns of events in crypto history, SEC’s official Twitter posted last night that SEC has approved all of the spots Bitcoin ETFs leading the market to move to close to $48,000 before a few minutes later SEC chief Gary Gensler tweeting that SEC’s official Twitter account has been hacked and the approval news is not true. It led to an immediate dump to below $45,000 in Bitcoin before recovering again and settling near $46,000. Many security lawyers have now been calling for the SEC to investigate itself for market manipulation due to this event.” 

“Ethereum ETH however had an ETF dress rehearsal yesterday and continued pumping even as the ETF news turned out to be false. This upward momentum positively affected associated tokens. Top ETH staking provider Lido Finance (LDO) soared by 18 per cent, while Layer 2 solutions such as Arbitrum's ARB saw a 4 per cent increase, and Optimism's OP surged by 3 per cent,” CoinSwitch added. 

Rajagopal Menon, Vice President, WazirX said, “Bitcoin experienced a marked decline, nearing the $48,000 threshold, signalling increased volatility and apprehension among investors, presently steadying around $46,159.45. Concurrently, Ethereum encountered pronounced selling pressure, reaching its lowest point against Bitcoin in 32 months, propelled by mounting expectations surrounding Bitcoin ETFs.”

“Bitcoin initiated a notable uptick, surpassing the $45,500 resistance, bolstered by bullish momentum exceeding $46,000 and $46,500 levels after the tweet suggesting ETF approval from the compromised SEC account. However, nearing the $48,000 mark, a sharp pullback occurred, with the price retracing below $47,000 and $46,500 levels, testing the $45,000 support. Reaching a low near $44,828, Bitcoin has rebounded, surpassing the 23.6 per cent Fibonacci retracement from the recent swing high of $47,988 to the low of $44,828, currently trading above $45,500 and the 100-hourly,” Menon added.

Shivam Thakral, CEO, BuyUcoin, shared the market outlook for Ethereum saying, “Ethereum is expected to cross the $2,400 mark owing to the growing optimism around the Bitcoin ETF approval. The market is expected to remain volatile this week.” 

Sharing the key altcoin movement tractory, Vikram Subburaj, CEO, Giottus shared, “Key altcoins, including Cardano, Avalanche and Polkadot, have shed 3-4% while Ethereum and Solana have shown signs of strength against Bitcoin. Today’s upside targets are Bitcoin ($48,000), Ethereum ($2,400), Solana ($105), Cardano ($0.60) and Avalanche ($38).”