Going in opposition to the market sentiment across the U.S. Securities and Exchange Commission’s (SEC) potential approval of the spot Bitcoin ETF, merchants and traders within the crypto area had been subjected to pointless confusion with what might be a untimely sharing of the approval announcement on social media platform X on Tuesday, January 9, 2024. In this context, on chain information exhibits that there have been change of dynamics in buying and selling between Bitcoin (BTC) and several other altcoins.
Also Read: XRP ETF Filing To Come Within Weeks After Bitcoin ETF Approval?
Altcoin Prices Showed Uptrend After Fake Announcement
According to on chain information from Santiment, there was a transparent development in favor of value rise for few altcoins, because the market realized that the announcement on Bitcoin ETF approval was really faux. While BTC Price noticed a excessive of $47,900 following the faux announcement, it shortly subsided to a low of $45,500. Earlier, CoinGape reported that the faux announcement to liquidations price over $140 million within the area of few hours.
However, the value drop didn’t replicate in altcoins Ethereum (ETH), HEX, AAVE, Lido DAO (LDO) and PEPE. This was considered one of uncommon cases within the current previous, through which the altcoin market deviated from the sturdy correlation with the BTC Price. Data showed that the rise in these altcoin costs continued regardless of the Bitcoin value drop by 3%.
Bitcoin ETF: After Approval
While Ethereum, the second positioned cryptocurrency by way of market worth, is displaying resilience with a 3.35% rise in comparison with the final 24 hours, the Lido DAO Price (LDO) gained by a large 19% throughout the identical interval. It stays to be seen if the altcoin rally would survive disproportionate to BTC if and when the spot ETF approval is formally introduced. However, it has been noticed traditionally {that a} sustained bull run for Bitcoin was typically adopted by a major circulation of funds into altcoins.
Also Read: X Confirms US SEC Account Was Hacked, After Bitcoin ETF Fake Announcement
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