šØ Fake Tweet on Bitcoin ETF Approval Causes Chaos in Crypto Market: 900 Million Liquidations in 24 Hoursšš
In a shocking turn of events, a fake tweet claiming Bitcoin ETF approval from a compromised SEC account on X sent the crypto market into a tailspin. Here's a breakdown of the chaos and its impact on the market.
1. The Cybersecurity Nightmare at SEC: Fake News Spreads Like Wildfire!
The U.S. Securities and Exchange Commission (SEC) faced a major cybersecurity incident, leading to a fake tweet announcing the approval of Bitcoin ETFs. The fraudulent post originated from a compromised SEC account on X, briefly causing the crypto's price to skyrocket.
2. Rollercoaster Ride: Bitcoin's Price Soars and Plummets in Minutes!
The fake tweet triggered an immediate surge in Bitcoin's price, pushing it close to $48,000. However, the rollercoaster didn't end there. At 4:26 p.m., Gary Gensler, SEC chair, confirmed the hack and denounced the unauthorized tweet. Bitcoin's value plummeted to $46,800 and further dropped to $45,881, creating panic among investors.
3. Massive Liquidations: $900 Million Wiped Out in 24 Hours!
The aftermath of the fake news resulted in a staggering $50 billion drop in Bitcoin's market capitalization within 24 hours, as per Coinglass data. The cryptocurrency market experienced a wave of panic-driven liquidations, wiping out approximately $900 million. Bitcoin's price hit a low of $890 billion before clawing back to around $900 billion.
šµļøāāļø Stay Vigilant, Stay Informed: Combatting Fake News in Crypto!
As the crypto market navigates through unforeseen challenges, it's crucial to stay vigilant. Verify information from trusted sources to avoid falling prey to market manipulation. Together, we can build a more resilient and secure crypto ecosystem.
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