Bitcoin and Crypto Tokens Surge, But Gains Eased Amid False ETF Approval Report
Bitcoin and other crypto tokens saw a sharp rise in trading on Tuesday in Asia, only to see the gains ease as the morning progressed. The surge was attributed to a false report of a spot ETF approval that was posted on social media platform X, formerly known as Twitter. However, as clarity emerged and the report was deleted, the gains were trimmed.
Bitcoin’s Sharp Gains and Ethereum’s Modest Rise
In the early morning, Bitcoin surged about 4 per cent, once again topping 28,000-levels. Meanwhile, its largest peer, Ethereum, also gained about 2 per cent but remained below the $1600-level. Altcoins were also trading with decent gains in the early morning.
70-Day High in Price and $65 Million Worth of Liquidation
According to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, yesterday was a very interesting day to trade. Bitcoin saw a 70-day high in price, accompanied by a massive $65 million worth of liquidation in close to 15 minutes. This was in response to a major crypto news publisher, CoinTelegraph, reporting that the Blackrock Bitcoin ETF had been approved by the SEC. However, Blackrock later clarified that their application is still under review.
Market Cap and Trading Volumes Surge
Barring a few exceptions, the majority of top crypto tokens were trading with big gains on Tuesday. The global cryptocurrency market cap jumped to the $1.09 trillion-mark and surged as much as three per cent in the last 24 hours. Additionally, the total trading volumes zoomed more than 220 per cent to $62.5 billion.
Tech View by WazirX Trade Desk
Solana, an open-source project offering DeFi solutions, experienced a jump of nearly 7 per cent. The SOL/USDT chart broke above the triangle pattern with daily buying volumes almost doubling. The next resistance is expected at 27.5 USDT, and an immediate support is anticipated at 20.2 USDT.
Conclusion
The surge in Bitcoin and other crypto tokens on Tuesday was attributed to a false report of a spot ETF approval, which was later deleted. This led to gains being trimmed as clarity emerged. Despite this, the majority of top crypto tokens saw big gains, and the global cryptocurrency market cap and trading volumes surged significantly.
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I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
