- Investors faced unnecessary chaos on January 9, 2024, Tuesday, when the approval announcement was prematurely shared on the social media platform X.
Price rose to $47,900 after the fake announcement but quickly dropped to $45,500.
- Ethereum, ranking second in market capitalization, demonstrated resistance with a 3% increase in the last 24 hours, while during the same period, the Lido DAO Price (LDO) increased by 17%.
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While fake spot Bitcoin ETF news created a significant selling wave in the market, some altcoins are holding their ground!
Fake Bitcoin ETF News Shaking the Market
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Contrary to the market sensitivity regarding the potential approval of the spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), traders and investors in the crypto space faced unnecessary chaos on January 9, 2024, Tuesday, due to the premature sharing of the approval announcement on the social media platform X.
In this context, on-chain data shows a change in trading dynamics between Bitcoin (BTC) and several altcoins. According to chain data from Santiment, there was a clear trend in favor of price increases for several altcoins, as the market realized that the announcement regarding the Bitcoin ETF approval was actually fake.
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The BTC price rose to $47,900 after the fake announcement but quickly dropped to $45,500. Previously, COINOTAG had reported that this fake announcement led to over $140 million in liquidations in the crypto space within a few hours.
However, this decline did not reflect in altcoins such as Ethereum (ETH), HEX, AAVE, Lido DAO (LDO), and PEPE. This was one of the rare cases where the altcoin market deviated from a strong correlation with the BTC price. Data showed that the rise in these altcoin prices continued despite a 3% drop in the Bitcoin price.
Bitcoin ETF: Post-Approval
Ethereum, ranking second in market capitalization, demonstrated resistance with a 3% increase in the last 24 hours, while during the same period, the Lido DAO Price (LDO) increased by 17%. However, whether the altcoin rally will disproportionately survive against BTC after the official announcement of the spot ETF approval remains to be seen. Nevertheless, it has been observed throughout history that a sustained bull run is often followed by a significant flow of funds into altcoins.