Bitcoin and Cryptocurrencies See Sharp Gains Despite False Report of Spot ETF Approval
Bitcoin and other crypto tokens experienced a surge in trading on Tuesday in Asia, only to see the gains ease as a false report of a spot ETF approval circulated on social media platform X, formerly known as Twitter. The gains were trimmed once clarity emerged and the report was deleted.
Sharp Gains for Bitcoin and Altcoins
Bitcoin saw sharp gains in the early morning, with the last crypto token surging about 4 per cent to once again top 28,000-levels. Meanwhile, Ethereum, the largest peer of Bitcoin, also gained about 2 per cent but remained below the $1600-level. Altcoins were also trading with decent gains in the early morning.
Yesterday, Bitcoin experienced a 70-day high in price, accompanied by a massive $65 million worth of liquidation in close to 15 minutes as a major crypto news publisher reported that the Blackrock Bitcoin ETF had been approved by the SEC. “However, shortly after, Blackrock clarified that their application is still under review,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. “The series of events makes one thing clear—a real spot Bitcoin ETF approval is highly likely to lead to an unprecedented rally. Currently, Bitcoin still looks bullish in charts,” he added.
Surge in Cryptocurrency Market Cap
On Tuesday, the majority of top crypto tokens were trading with significant gains. Solana saw a surge of about 9 per cent, while Polygon was trading 3 per cent higher. Tron, Litecoin, and BNB added 2 per cent each. Polkadot and USD Coin were among the losers, remaining in the red.
The global cryptocurrency market cap jumped to $1.09 trillion-mark, with a surge of as much as three per cent in the last 24 hours. Total trading volumes also increased by over 220 per cent to $62.5 billion.
Tech View by WazirX Trade Desk
Solana, an open-source project offering decentralized finance (DeFi) solutions, experienced a single-day jump of nearly 7 per cent, reclaiming its position above the $24 level. The chart for SOL/USDT has just broken above the triangle pattern, with daily buying volumes almost doubling. The next resistance is expected at 27.5 USDT, with an immediate support at 20.2 USDT.
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I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
