The cryptocurrency saw a significant increase on Monday, rising as high as 14% during the trading day. The increase happened after Cointelegraph erroneously claimed that the SEC had authorized Blackrock's bitcoin ETF. Following the inaccurate story, apologies have been made. On the news, Solana also reached a multi-week high.
Bitcoin Cash (BTH)
When Cointelegraph claimed that the SEC had authorized Blackrock's bitcoin ETF, bitcoin cash, which had already been leading the pack on Monday, surged by as much as 14% in today's session.
The tweet has subsequently been deleted, and the business has apologized for the error.
Following the news, BCH/USD reached a top of $242.77; however, it has since fallen and is currently trading at $229.43.
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| BCH/USD--Daily Chart |
The cryptocurrency is still over 8% higher than Sunday's low of $213.10 after falling from earlier highs.
A breakout on the 14-day relative strength index (RSI) served as one of the driving forces behind the increase.
Price strength has surpassed the 55.00 ceiling and is currently tracking at 56.44.
Solana (SOL)
To begin the week, Solana (SOL) was close to the $25.00 mark as bulls drove the price to a 14-day high.
SOL/USD surged to a high of $24.41 early in today's session after trading at a low of $21.71 on Sunday.
SOL subsequently reached its highest point since October 2 as a result of this; however, momentum has since changed, and the price is currently $23.34.
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| SOL/USD--Daily Chart |
Similar to BCH above, it appears that a glide past a resistance area was the cue bulls were looking for to enter the market.
The index is currently tracking at 61.79, having surged beyond the previously indicated ceiling of 60.00.
Will today's tweet change the way that traders perceive unverified reports? Post your comments to let us know what you think.