The global cryptocurrency market witnessed a surge on Tuesday, with Bitcoin hitting a 70-day high at over $28,000, a 4% increase. The surge was driven by a false spot ETF approval report circulating on social media, which was later corrected by Blackrock (NYSE:BLK). The firm's Bitcoin ETF application remains under review, CoinTelegraph reported.
This misinformation led to a quick $65 million liquidation, according to the report.
In addition to Bitcoin's rise, several altcoins also posted gains. Solana made a nearly 7% single-day jump, reclaiming its position above the $24 level. Polygon experienced a 3% increase while Tron, Litecoin and BNB each added 2%. Conversely, Polkadot and USD Coin recorded losses.
The overall global cryptocurrency market cap reached $1.09 trillion as trading volumes skyrocketed over 220% to $62.5 billion.
Solana's performance drew particular attention. WazirX Trade Desk (NASDAQ:TTD) provided insights on the project. Solana Foundation's decentralized finance solutions are the driving force behind the cryptocurrency's success.
Meanwhile, Ethereum managed to gain 2%, but it remained under the $1600 mark.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.