A recent market surge, triggered by a false tweet, led to a sharp 21 percent increase in Lido. However, Bitcoin and other altcoins experienced a significant drop after the SEC chair dismissed rumors of ETF approval.
The US Securities and Exchange Commission’s compromised Twitter account had previously tweeted that the spot Bitcoin Exchange-Traded Fund (ETF) applications were approved. This led to a rally for most leading digital assets, with Bitcoin jumping by 2% to reach $47,900. However, SEC Chair Gary Gensler later clarified that no approval had been granted, causing investors to exit their positions and Bitcoin’s price to drop to $45,100. At the time of reporting, Bitcoin was down by 2.6% in the last 24 hours, trading at $45,491.98, with a market cap of $890,187,654,675.
Despite this, Ethereum saw a 5% increase in the last 24 hours, trading at $2,423.61. Analysts noted that three cryptocurrencies stood out in the recent rally. Lido DAO (LDO) surged by 21% in just 24 hours, with a daily surge of 16% and a weekly return on investment around 20.9%. Lido was trading at $3.78, with a trading volume increase of 102% to reach $341.6 million and a market cap of $3,359,617,409.
Additionally, Solana-based meme coin BONK saw a 30% surge in price in just 24 hours, trading at $0.000015 with a market cap of $935,564,613. Its 24-hour trading volume surged by 115% to $601 million. Pepe also saw a 0.54% surge in the past 24 hours, with its 24-hour trading volume increasing by 25% to $107.4 million.
On June 6, Lido recorded a 15% growth, reaching a new 52-week high of $3.61. At that time, a significant portfolio shift was recorded as a trader swapped (RNDR) for Lido DAO (LDO). The trader deposited $3.01 million worth of the asset for $1.5 million worth of LDO, leading to a 13 percent surge in the LDO price.
Analysts suggest that the recent movement of leading assets following the false tweet serves as a reminder of the volatile nature of the crypto market. Many predict that an approval could trigger the inflow of billions of dollars into the market, leading to a price surge. Approval is said to be imminent following recent reports that ARK Invest and 21Shares, Franklin Templeton Digital Holdings, and Invesco Galaxy have filed updated S-1 forms with the US Securities and Exchange Commission.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | US Securities and Exchange Commission, 21Shares, Invesco Galaxy, ARK Invest, Franklin Templeton Digital Holdings |
| Currencies | Bonk, Ethereum, Pepe, Lido DAO, Bitcoin |
| Securities | None |
