Crypto Price Today: Bitcoin falls below $46,000 amid false ETF approval announcement

By Navdeep Singh, ETMarkets.com

The world's biggest and best-known cryptocurrency Bitcoin (BTC) declined 2% to $45,945 on Wednesday after the US Securities and Exchange Commission (SEC) said that a post on X claiming a spot Bitcoin exchange-traded funds was approved was not authorised by the agency.

"The @SECGov 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," the U.S. Securities and Exchange Commission said on X.

At 10:43 a.m., bluechip crypto tokens BTC was trading 1.8% lower at $45,945, while Ethereum was up 2.8% at $2,377. Whereas altcoins, such as Avalanche, Solana, and Cardano, fell 3-8%.

Bitcoin surged beyond the $47,000 threshold on Monday, reaching its highest point since March 2022. However, it couldn't maintain that position, experiencing spikes and dips in the past 24 hours following the approval of fake SEC spot Bitcoin ETFs, said Edul Patel, CEO of Mudrex.

"Currently, Bitcoin is being traded at the $45,000 mark. Both institutional and retail investors are expressing optimism about Bitcoin, with the next resistance anticipated at $46,200, and support firmly established at $45,400," Edul said.

Shivam Thakral, CEO of BuyUcoin, said, "Ethereum is expected to cross the $2,400 mark owing to the growing optimism around the Bitcoin ETF approval. The market is expected to remain volatile this week."

In Wednesday's trade, the global cryptocurrency market cap fell 0.9% to around $1.71 trillion in the last 24 hours.

The total volume in DeFi is currently $7 billion, 8.31% of the total crypto market 24-hour volume. The volume of all stablecoins is now $74.26 billion, which is 88.18% of the total crypto market 24-hour volume.

Bitcoin's dominance is currently 52.74%, according to CoinMarketCap. BTC volume in the last 24 hours dropped 11.06% to $38.30 billion.

Tech View by Rajagopal Menon, Vice President, WazirX
BTC's Exponential Moving Average for 10-day and 200-day indicate “Buy” sentiment at 44913 and 34489, respectively. Similarly, the Simple Moving Average for 10-day and 200-day SMA indicate "Buy" at 44770 and 32770, respectively. The Simple Moving Average shows strong “Buy” sentiments.

Major market oscillators point toward a "Neutral" sentiment. The Relative Strength Index (14), one of the key indicators, sits at 62, with a neutral indicator. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 81 and 19, respectively, further indicating a “Neutral” market.

The MACD Level (12, 26) at 1053 indicates a "Buy." The Stochastic RSI Fast (3, 3, 14, 14) is at 82 with a "Neutral" indicator, while the Williams Percent Range (14) at −25 signals neutral sentiment.

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