Altcoins were also trading with modest gains in the morning

Crypto currencies were sharply higher on Tuesday but the gains eased early morning. An inaccurate report of a spot exchange-traded fund (ETF) approval was posted on social media platform X, formerly known as Twitter. However, the gains were cut as clarity emerged and the report was deleted.

Bitcoin posted sharp gains in the early morning as the biggest crypto token soared nearly 4% to once again top 28,000-levels. Nevertheless, its biggest peer, Ethereum, also advanced around 2% but stayed below $1600-level. Altcoins were also trading with modest gains in early morning.

Bitcoin experienced a 70-day high in price. This occurred alongside a huge $65 million worth of liquidation in close to 15 minutes as a major crypto news publisher CoinTelegraph reported that the Blackrock Bitcoin ETF has been approved by the Securities and Exchange Commission, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.

However, shortly after, Blackrock clarified that their application is still under review, he added. The series of events makes one thing clear—a real spot Bitcoin exchange-traded fund approval is highly likely to lead to an unprecedented rally. Presently, Bitcoin still looks bullish in charts, he said.

Barring a few exceptions, most of the top crypto currencies were trading with big gains on Tuesday. Solana soared nearly 9%, while Polygon was 3% higher. Tron, Litecoin and BNB added 2% each. Among the decliners, only Polkadot and USD Coin were seen in red.

The global crypto currency market capitalisation was significantly higher, climbing to $1.09 trillion-mark, as it soared 3% during the past 24 hours.  Nevertheless, the total trading volumes surged more than 220% to $62.5 billion.