Bitcoin Settles Above $28K After the $2K Rollecoaster Induced by the Fake BTC ETF News (Market Watch)
Bitcoin went on a tear yesterday by surging by over $2,000 in minutes but just as quickly lost those gains following the confirmation about fake news in regards to a spot BTC ETF.
The altcoins went through something similar, but most are now sitting with minor losses. SOL, on the other hand, has skyrocketed by 6% daily.
BTC’s Rollercoaster
The primary cryptocurrency had a quiet weekend, which it spent in a tight range between $26,500 and $27,000. Despite a few attempts to overcome the latter, the bears kept control over the market and didn’t allow any further increases.
That changed on Monday morning when bitcoin shot up by about a grand and touched $28,000 for the first time in about a week. Although that was an impressive price pump within 24 hours, it was nothing compared to what happened later that day.
Reports emerged that the SEC had finally greenlighted a spot BTC ETF in the States, a move anticipated by numerous industry participants. The news sent shockwaves across the market, and bitcoin exploded by $2,000 in minutes, tapping a two-month peak at just shy of $30,000.
However, the reports were quickly refuted, and the asset fell back down toward $28,000. After a bit more volatility and another minor pump, the cryptocurrency has now retraced to just over $28,000.
Its market capitalization stands inches above $550 billion, while its dominance over the altcoins is well above 50%.
SOL Soars 6%
Most altcoins also felt the positive consequences of the fake news briefly but lost almost all gains immediately. As such, the majority of the mid-cap ones are now trading in the red, including Uniswap, MakerDAO, CRO, LINK, LEO, AVAX, DOT, and ADA.
In contrast, ETH, BNB, TRX, and MATIC have minor gains. Solana, on the other hand, has defied the market sentiment and is up by over 6%. As a result, SOL sits at $24.
The total market cap has added another $10 billion overnight and is close to $1.1 trillion. Interestingly, the 24-hour trading volumes soared after the fake news yesterday by more than 140%, according to CMC.