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- According to Santiment, despite Bitcoin declining as low as $45,400, many altcoins surged significantly.
- Santiment observed that the recent altcoins surge may have attracted many investors to trade in more speculative assets.
- The analytics platform noted that a lack of confidence in BTC would lead to the downfall of many market caps.
According to Santiment, the market intelligence platform with on-chain and social metrics, the crypto community’s attention shifted toward Bitcoin following a false Bitcoin ETF (TSX:EBIT) approval announcement by the U.S. Securities and Exchange Commission (SEC). Santiment noted that despite Bitcoin declining as low as $45,400, many altcoins surged significantly.
Altcoins See Major Rises
The market intelligence platform observed that the recent altcoins surge may have attracted many investors to trade in more speculative assets. However, it noted that a lack of confidence in cryptocurrency’s top asset would inevitably lead to the downfall of many market caps that rely on BTC’s market cap to stay steady.
Some of the notable altcoins that surged following the false ETF approval announcement include ETH, which rallied from a daily low of $2,228 to close the trading day at $2,345, according to data from TradingView.
AAVE recovered part of its loss for the day, bouncing off a low of $92.42 to close trading for the day at $96.48. LDO surged impressively, moving from $3.128 to $4.000, before retracing to close the day at $3.763.
Bitcoin’s price displayed significant volatility following what turned out to be a false ETF approval announcement by the SEC. Earlier on Tuesday, a now-deleted post appeared on the Commission’s X (formerly Twitter) account claiming the approval of Bitcoin ETFs. Following the post, BTC spiked, reaching a new yearly high of $47,897, according to data from TradingView.
The SEC debunked the announcement and claimed its X account was compromised, noting that it had not approved listing and trading spot Bitcoin exchange-traded products. According to reports, the Commission would work with law enforcement and other partners across the government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct.
Bitcoin’s price dropped to $44,903 on Tuesday after the SEC’s denial of approving Bitcoin ETFs, according to data from TradingView, extending below the price earlier reported by Santiment. The flagship crypto traded for $45,834 at the time of writing, as most crypto community members believe an ETF approval is imminently nearing approval.
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