Why Dogecoin fell today

A particularly memorable day for cryptocurrency, Dogecoin (viceroy -2.17%) It was down more than 4% Tuesday afternoon. The entire cryptocurrency market was affected by a hot piece of news that turned out to be fake, and Dogecoin itself was hit with yet another piece of false news.

Cryptocurrency spot ETF ultimately not approved

The biggest forgery was a post from the Securities and Exchange Commission’s (SEC) X (formerly Twitter) account that afternoon. Bitcoin (BTC -1.67%) Cash exchange traded fund (ETF).

The post read, “Today the SEC approves the #Bitcoin ETF for listing on all registered national securities exchanges. Approved Bitcoin ETFs will be subject to ongoing oversight and compliance measures to ensure continued investor protection.” It is clearly stated.

If approved, a spot cryptocurrency ETF would make it much easier for investors to put money into these assets, as direct investment in coins and tokens can be complex and clunky. Therefore, approval by the SEC will significantly enhance their value.

Alas, it wasn’t so. Shortly after the post was published, SEC Chairman Gary Gensler posted on his personal X account that the SEC page had been “compromised.” He added that regulators have not approved a Bitcoin ETF.

hairy dog ​​story

On the banner day where the According to the conversation, the mascot, a Shiba Inu named Kabuso, passed away. Since even the most minor events can have an impact on the volatile coin, its value rose as much as 9% on the news.

Like Gensler, TraderAguila retracted his post shortly after it was published, saying he discovered the screenshot was fake. Investors sold off Dogecoin as the correction spread around the cryptocurrency.

Both incidents show that among financial assets, cryptocurrencies remain one of the most volatile investments on the market. Investors should always be very careful when disseminating “news” about them and often need to understand the initial situation.