In a dramatic turn of events, Bitcoin (BTC) faced significant volatility in its recent trading session.
Triggered by a security breach at the US Securities and Exchange Commission (SEC), the cryptocurrency saw a tumultuous day. Initially, Bitcoin’s value dipped below $45,000 before recovering during European trading hours. However, the resurgence was short-lived as it fell again with the opening of US markets.
The volatility was fueled by a hacking incident on the SEC’s Twitter account. The hacker falsely claimed the approval of spot Bitcoin exchange-traded funds (ETFs), a development eagerly anticipated by major financial institutions like BlackRock Inc, VanEck, and Grayscale. SEC Chairman Gary Gensler quickly addressed the false information on his personal Twitter account.
Despite the chaos, Ethereum (ETH) gained on Bitcoin, demonstrating resilience and growth amidst the turmoil. In contrast, the wider altcoin market, including Solana (SOL), BNB, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE), faced minor setbacks. Avalanche (AVAX) notably experienced a significant decline.
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