Bitcoin’s (BTC) market capitalization dropped by around $50 billion during the last 24 hours after a fake approval post of spot exchange-traded funds (ETF) emerged on the U.S. Securities and Exchange Commission (SEC) official handle on X.

Data from CyptoRanking shows that the top cryptocurrency by market capitalization fell to as low as $890 billion from $938 billion immediately after the fake news emerged. It has since recovered to around $900 billion as of press time.

Following the fake news, BTC’s value surged to nearly $48,000, as it immediately grabbed significant attention, prompting premature celebrations among crypto enthusiasts anticipating this groundbreaking decision.

Subsequently, the asset price swiftly plummeted to $45,100 after it was revealed that the SEC’s account had been compromised. SEC Chair Gary Gensler refuted the news of the supposed ETF approval, leading to a sharp correction in the flagship cryptocurrency’s value.

This wild price movement also impacted the broader market as large-cap alternative cryptocurrencies like Cardano (ADA), Avalanche (AVAX), Solana (SOL), BNB, and  XRP recorded losses of more than 2%, respectively. Additionally, the entire cryptocurrency market is down 1.15% over 24 hours.

Interestingly, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, bucked the trend and is up 2.8% over the same period.

Nearly $220M liquidated.

The volatile price movement also resulted in nearly $220 million worth of liquidation for more than 71,000 traders who held positions in the market.

Coinglass data shows that traders betting on further price increases bore the brunt of the losses, with around $134 million liquidated. On the other hand, traders with bearish sentiments— short traders—lost $83.1 million during the reporting period.

Investors speculating on the price movements of the leading cryptocurrencies, Bitcoin and Ethereum, faced a collective loss of $126 million. This substantial loss primarily impacted long traders in these assets.

One standout occurrence was the liquidation of a significant $6 million long position in BTC, which occurred on the Bybit exchange, marking the most significant single liquidation order observed during this period.

Meanwhile, crypto traders using the embattled Binance platform accounted for nearly 38%, or $82.35 million, of the total losses suffered in the market. OKX users were liquidated for $72.82 million, while those on ByBit lost $36 million.