---
title: "Crypto Market Suffers $218 Million In Liquidations As Bitcoin Price Rollercoasters On Fake SEC Tweet"
url: https://diffcoin.com/crypto-market-suffers-218-million-in-liquidations-as-bitcoin-price-rollercoasters-on-fake-sec-tweet/
description: "The event could force the SEC to investigate itself for market manipulation over their fake claims about Bitcoin ETF approvals."
published: 2024-01-09
updated: 2024-01-09
author: "Mila"
site: "Diffcoin"
---

# Crypto Market Suffers $218 Million In Liquidations As Bitcoin Price Rollercoasters On Fake SEC Tweet

Over $218 million in crypto trades have been liquidated in the past 24 hours after a fake government announcement claiming that Bitcoin spot ETFs have already been approved in the U.S.

- According to Coinglass, over $56 million in Bitcoin trades have been liquidated in the past hour alone. 
Over 72,000 traders were affected, with the largest single liquidation taking place on BTC/USD trade on ByBit for $6 million.
- The Securities and Exchange Commission (SEC)’s official X page claimed on Tuesday that approval had been granted for Bitcoin ETFs to go live on all national securities exchanges.
- However, SEC chairman Gary Gensler later claimed that the SEC’s account had been compromised and that ETFs were not approved.

> The [@SECGov](https://twitter.com/SECGov?ref_src=twsrc%5Etfw) X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
> 
> — U.S. Securities and Exchange Commission (@SECGov) [January 9, 2024](https://twitter.com/SECGov/status/1744837121406349714?ref_src=twsrc%5Etfw)

- Bitcoin’s price skyrocketed to $47,800 on the news before immediately descending to $45,400 as the market digested what was going on.
- Fox Business correspondent Charles Gasparino [reported](https://twitter.com/CGasparino/status/1744838264698057082) afterward that the SEC would need to investigate itself for market manipulation via the fake tweet, according to input from lawyers.
- Bloomberg ETF analyst Eric Balchunas theorized that the tweet was real but mistakenly scheduled a day earlier than the SEC had intended to release their approval announcement.
- Balchunas maintains that ETFs will likely go live on Thursday.

SPECIAL OFFER (Sponsored)  
  **Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month**  (terms).

[Source link](https://cryptopotato.com/crypto-market-suffers-218-million-in-liquidations-as-bitcoin-price-rollercoasters-on-fake-sec-tweet/)