Last evening, a fake news release had a bombshell effect on the market. It was reported that the U.S. Securities and Exchange Commission’s (SEC) X account was hacked after a confirmation post was made from the account, leading to a series of surprises and the revelation that the institution’s X account had been compromised. The post from the agency’s account and the subsequent events shook the price of Bitcoin significantly.
Current State of Cryptocurrencies
Bitcoin, the leading cryptocurrency, experienced a 2.5% increase immediately following the fake news, rising to $47,900, which was the highest price seen in the last 19 months.
However, minutes later, a statement attributed to SEC Chairman Gary Gensler clarified that a decision on the approval of Bitcoin ETFs had not yet been made, and following the statement, the price of BTC fell to $45,100.
With the opening of Asian markets, Bitcoin saw some recovery in the morning hours, and the BTC price dropped by 1.7% over the last 24 hours to $45,998. Bitcoin’s market value fell by 1% to $900 billion. The trading volume also decreased by 11% to $38 billion.
Despite the decline in Bitcoin, Ethereum rose nearly 2% in the last 24 hours to $2,362, bringing its market value to $286.1 billion. The trading volume increased by 26% over the last 24 hours to $16.792 billion.
During this period, the price of BNB fell by 0.41%, while Solana (SOL) increased by 2%. The outlook was negative for other high-volume altcoins such as XRP, Cardano (ADA), and Avalanche (AVAX). Dogecoin price retracted by 2% after a momentary rise, while Shiba Inu saw an approximate 1% increase in price.
Pepe Coin’s price rose over 1% in the last 24 hours to $0.000001198, leading to an increase in its market value to $503.6 million as of press time. The trading volume surged over 25% to reach $107.4 million.
Top Altcoins
Lido DAO investors started the day happily. The price of LDO increased by approximately 21% within 24 hours to $380, catching the attention of the entire cryptocurrency world. Its market value also rose to $3.385 billion.
Additionally, a remarkable 106% increase in the 24-hour trading volume demonstrated investor interest, which led to a new volume of $349.6 million.
Last year’s popular meme coin from the Solana network, Bonk, was another coin that pleased its investors with an approximate 18.63% price increase over the last 24 hours. As of writing, BONK’s price rose to $0.00001554, while its market value increased to $984 billion.
