Bitcoin on Wednesday, December 10 reflected a minor loss of 1.71 percent. This price drop however, did not spell doom for the asset, as it continued to trade at $45,917 (roughly Rs. 38 lakh). In the last 24 hours, the value of Bitcoin has reduced by $835 (roughly Rs. 69,432). The volatility in BTC pricing was triggered by an interesting turn of events regarding the BTC ETFs that are awaiting approvals from the SEC in the US.
“In one of the most interesting turn of events in crypto history, SEC’s official twitter posted last night that SEC has approved all of the spot Bitcoin ETFs. 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. Many security lawyers have now been calling for the SEC to investigate itself for market manipulation due to this event,” the CoinSwitch Market Desk told Gadgets360. Bitcoin price, during this time, escalated to over $48,000 (roughly Rs. 39.9 lakh) then dropped to $45,000 (roughly Rs. 37.4 lakh) and finally settled at its current value.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Ether managed to mint a gain of 1.62 percent despite the market’s volatility. At the time of writing, Ether was trading at $2,346 (roughly Rs. 1.95 lakh).
“Ethereum 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 percent, while Layer 2 solutions such as Arbitrum’s ARB saw a four percent increase, and Optimism’s OP surged by three percent,” the CoinSwitch markets desk added.
With BTC and ETH taking different trajectories, the crypto chart was clearly divided. Tether, Binance Coin, Solana, USD Coin, Shiba Inu, and Litecoin tagged behind Ether on the profit-making side of the crypto market.
The overall crypto market valuation dipped by 0.66 percent in the last 24 hours. The capitalisation of the sector presently stands at $1.71 trillion (roughly Rs. 1,42,22,839 crore), showed CoinMarketCap.
“This ETF fever has stirred both speculation and caution within the broader cryptocurrency landscape. Ethereum faced significant pressure, touching a 32-month low against Bitcoin amidst growing anticipation surrounding Bitcoin ETFs,” said Rajagopal Menon, Vice President, WazirX in conversation with Gadgets360.
Industry experts have predicted that the volatility would continue for the rest of this week and advice investors to exercise caution.
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