Bitcoin traders lost nearly $1 billion due to fake ETF endorsement tweet
The price of Bitcoin soared by more than 15% within minutes of the release of a fake tweet from the US Securities and Exchange Commission (SEC), which claimed that the US agency had approved spot Bitcoin ETFs. At one point, the price of Bitcoin jumped to around $48,000, but fell to below $45,000 less than half an hour later.
The release of the SEC's retraction triggered a cascading liquidation of over $900 million worth of traders' long positions over the next 24 hours. On Wednesday afternoon, January 10, the market capitalization of Bitcoin fluctuates at $887 billion. The market price revolves around $45,370-$45,600 per BTC.
Over the past 24 hours, Bitcoin has lost about 2.5% of its market value. However, on the weekly timeframe, the assetâs growth remains within 4%.
