Following the fake news, BTC’s value surged to nearly $48,000, as it immediately grabbed significant attention, prompting premature celebrations among crypto enthusiasts anticipating this groundbreaking decision.

Subsequently, the asset price swiftly plummeted to $45,100 after it was revealed that the SEC’s account had been compromised. SEC Chair Gary Gensler refuted the news of the supposed ETF approval, leading to a sharp correction in the flagship cryptocurrency’s value.

This wild price movement also impacted the broader market as large-cap alternative cryptocurrencies like Cardano (ADA), Avalanche (AVAX), Solana (SOL), BNB, and  XRP recorded losses of more than 2%, respectively. Additionally, the entire cryptocurrency market is down 1.15% over 24 hours.