Cryptocurrency Price Today: Rogue US SEC Tweet On Bitcoin Spot ETFs Leads To Brief Rally
Cryptocurrency price on January 10 quick take: The global market cap dipped to $1.71 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, briefly reached close to the $48,000 mark after a fake tweet from the US Securities and Exchange Commission (SEC) claimed that all spot BTC exchange-traded funds were approved by the body. The SEC quickly removed the tweet and claimed that its social media handles were compromised. As a result, BTC price fizzled down to the $46,000 range within a matter of hours. The movement saw a liquidation of over $50 million worth of derivatives.
The global crypto market cap stood at $1.71 trillion at the time of writing, registering a 24-hour loss of 0.83 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $46,127.84, registering a 24-hour dip of 1.39 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 41.30 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,363.26, marking a 24-hour jump of 2.46 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.08 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 0.60 percent, as per CoinMarketCap data, currently priced at $0.07986. As per WazirX, Dogecoin price in India stood at Rs 7.12.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour jump of 0.87 percent. At the time of writing, it was trading at $67.65. LTC price in India stood at Rs 5,948.01.
Ripple (XRP) Price Today
XRP price stood at $0.5701, seeing a 24-hour loss of 0.64 percent. As per WazirX, Ripple price stood at Rs 50.30.
Solana (SOL) Price Today
Solana price stood at $99.98, marking a 24-hour dip of 1.68 percent. As per WazirX, SOL price in India stood at Rs 8,860.01.
Top Crypto Gainers Today (January 10)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Helium (HNT)
Price: $6.83
24-hour gain: 27.66 percent
Bonk (BONK)
Price: $0.00001565
24-hour gain: 26.77 percent
Lido DAO (LDO)
Price: $3.76
24-hour gain: 20.86 percent
Rocket Pool (RPL)
Price: $30.99
24-hour gain: 9.79 percent
Mantle (MNT)
Price: $0.6596
24-hour gain: 9.14 percent
Top Crypto Losers Today (January 10)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Klaytn (KLAY)
Price: $0.1817
24-hour loss: 33.44 percent
Astar (ASTR)
Price: $0.1357
24-hour loss: 10.41 percent
ORDI (ORDI)
Price: $69.19
24-hour loss: 8.93 percent
Stacks (STX)
Price: $1.81
24-hour loss: 8.76 percent
Beam (BEAM)
Price: $0.01792
24-hour loss: 8.69 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin surged above the $47,000 threshold on Monday, marking its highest point since March 2022; nevertheless, it failed to sustain that position. Bitcoin spiked and dips in the past 24 hours following fake SEC spot Bitcoin ETFs approval. Currently, Bitcoin is trading at the $45,000 mark. Both institutional and retail investors are showing towards Bitcoin. The next resistance is expected at $46,200, while support is established at $45,400. Meanwhile, Ethereum has witnessed a downturn over the past five days but boasts a year-to-date increase of 73%. Market participants are keenly anticipating the SEC's verdict on Bitcoin ETF approval.”
CoinSwitch Markets Desk noted, “In one of the most interesting turn of events in crypto history, SEC’s official X/Twitter handle posted last night that SEC has approved all of the spot Bitcoin ETFs leading the market to move to close to $48k USD before a few minutes later SEC chief Gary Gensler tweeting that SEC’s official Twitter account has been hacked and the approval news is not true. It led to an immediate dump to below 45k USD in Bitcoin before recovering again and settling near $46k. Many security lawyers have now been calling for the SEC to investigate itself for market manipulation due to this event.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin experienced a notable rejection around the $48,000 mark, demonstrating heightened volatility and uncertainty among traders, and it is currently trading at $46,159.45. Concurrently, Ethereum faced significant pressure, touching a 32-month low against Bitcoin amidst growing anticipation surrounding Bitcoin ETFs. This ETF fever has stirred both speculation and caution within the broader cryptocurrency landscape.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The price of bitcoin jumped to new one-year highs near $48,000 after a tweet from the official account of a compromised US SEC falsely claimed approval of spot bitcoin ETFs. However, a subsequent statement by SEC Chairman Gary Gensler clarified that the tweet was unauthorised. The market, now around $46,000, reflects a 2% decline amid the turmoil. Critics decry the SEC's cybersecurity lapse during a crucial time for ETF decision-making. There is speculation that the tweet was accidentally triggered by an intern, and if correct, it means internal approval for the spot bitcoin ETF. Despite the chaos, positive sentiment remains, anticipating an upward trajectory with potential SEC approval and significant institutional inflows.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market had a highly volatile day due to the rapid developments around Bitcoin ETF approval by the SEC. The social post on the SEC’s X account led to a lot of speculations around the approval granted by the SEC, but later SEC issued a statement that its account had been compromised and there is no approval granted yet. Ethereum is expected to cross the $2,400 mark owing to the growing optimism around the Bitcoin ETF approval. The market is expected to remain volatile this week.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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