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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 buyers 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 reveals 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 pattern in favor of value rise for few altcoins, because the market realized that the announcement on Bitcoin ETF approval was truly faux. While BTC Price noticed a excessive of $47,900 following the faux announcement, it rapidly 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 mirror in altcoins Ethereum (ETH), HEX, AAVE, Lido DAO (LDO) and PEPE. This was one in every of uncommon situations within the current previous, wherein the altcoin market deviated from the robust 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 when it comes to market worth, is exhibiting 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 usually adopted by a major circulate of funds into altcoins.

Also Read: X Confirms US SEC Account Was Hacked, After Bitcoin ETF Fake Announcement

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Anvesh reviews main crypto updates round U.S. regulation and market shifting developments. Published over 1,200 articles up to now on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.