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International Business Times
International Business Times
Business
Nica Osorio

Bitcoin Loses $50M In Market Cap, Sees $90M In Liquidation After SEC's Fake BTC ETF Tweet

Bitcoin SEC ETF Crypto
Bitcoin standing on edge amongst other scattered bitcoins. (Credit: QuoteInspector.com/flickr)

Bitcoin's market capitalization nosedived by nearly $50 million, and its price volatility on Tuesday afternoon triggered nearly $90 million in liquidations following a fake spot Bitcoin exchange-traded fund (ETF) approval tweet by the U.S. Securities and Exchange Commission (SEC).

Bitcoin's market capitalization was $938.43 billion at around 5 p.m. ET on Tuesday but plummeted to $890.16 billion just a few hours after the fake tweet surfaced online, following the SEC's announcement that its official X (formerly Twitter) account was compromised.

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