Despite the market turmoil caused by fake Bitcoin ​ETF news, these 5 altcoins are still going strong!

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• On Tuesday, January 9, 2024, investors faced unnecessary confusion as the approval announcement was shared early on social media platform X.
• BTC After the fake announcement, the price rose to $47,900 but quickly fell to $45,500.
• Ethereum, the second largest market capitalization, showed resistance, rising 3% over the past 24 hours, and the price of Lido Island (LDO) rose 17% during the same period.

The fake spot Bitcoin ​ETF news has caused a significant selling wave in the market, but some altcoins are holding on!

Fake Bitcoin ETF News Shaking Markets

Contrary to market sensitivity regarding the possible approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), traders and investors in the cryptocurrency industry face unnecessary confusion due to early sharing of Bitcoin on Tuesday, January 9, 2024. I did. Approval announced on social media platform

In this context, on-chain data shows changes in trading dynamics between Bitcoin (BTC) and several altcoins. According to Santiment’s on-chain data, there was a clear trend favoring price increases for several altcoins as the market realized that the announcement regarding the approval of a Bitcoin ETF was in fact fake.

After the false announcement, BTC price rose to $47,900, but quickly fell to $45,500. COINOTAG previously reported that this fake announcement led to the liquidation of over $140 million in the cryptocurrency space within hours.

However, this decline was not reflected in altcoins such as Ethereum (ETH), HEX, AAVE, Lido DAO (LDO), and PEPE. This was one of the rare instances where the altcoin market broke away from its strong correlation with BTC prices. Data shows that the rise in prices of these altcoins continued despite a 3% decline in the price of Bitcoin.

Bitcoin ETF: Post-Approval

Ethereum, the second largest market capitalization, showed resistance, rising 3% over the past 24 hours, and the price of Lido Island (LDO) rose 17% during the same period. However, it remains to be seen whether the altcoin rally will survive disproportionately against BTC following the official announcement of spot ETF approval. Nonetheless, significant flows into altcoins have been observed throughout history following sustained bull markets.