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Bitcoin ETF Approval Post Fake, SEC Account Hacked

Key Takeaways
  • Crucial SEC call on spot Bitcoin ETF—hack created false optimism, followed by Chairman's denial.
  • ETF approval could propel Bitcoin to new highs, but uncertainty persists due to possible delays.
  • SEC account breach raises doubts—denial statement prompts questions on its validity, influencing market direction.
10-Jan-2024 By: Sudeep Saxena
Bitcoin ETF Approval

Investors Have Queries on Fake SEC post of Bitcoin ETF Approval

Today, January 10, marks a significant day for the cryptocurrency market as the U.S. Securities and Exchange Commission (SEC) is expected to make a crucial decision regarding the approval of a spot Bitcoin ETF. The SEC is anticipated to either reject or approve the Ark/21Shares spot Bitcoin ETF, and any decision is expected to be taken today.

However, just before this decision, hackers managed to breach the SEC's official account. They posted about approving the spot Bitcoin ETF from the SEC account, creating a positive atmosphere in the cryptocurrency market. This led to a surge in the prices of Bitcoin and other tokens. Bitcoin, in particular, crossed the $47,000 mark, setting a new 21-month high.

Nevertheless, SEC Chairman Gary Gensler quickly clarified through his hacked account that the SEC account had been compromised and no application related to the spot Bitcoin ETF had been approved yet.

Positive Hopes of Spot Bitcoin ETF Approval Bringing Enthusiasm to the Market

The anticipation of the approval of the spot Bitcoin ETF has stirred enthusiasm in the cryptocurrency market. Experts speculate that if the Ark/21Shares spot Bitcoin ETF receives approval, it could prompt the SEC to expedite decisions on applications from other firms. This could potentially propel cryptocurrency tokens, especially Bitcoin, to reach new highs.

Someone also predicts that if the spot Bitcoin ETF is approved, Bitcoin could surpass its all-time high of $69,000 in 2024. However, there have been reports suggesting that the SEC might delay the decision on the spot Bitcoin ETF, and the first approval might not come until April. Until a decision is made regarding the spot Bitcoin ETF, the market is expected to remain volatile.

SEC Account Hack and ETF Approval Denial

The hacking of the SEC's X account raises significant questions among investors. After the hack, Gary Gensler denied the approval of the spot Bitcoin ETF through a two-line statement.

However, it wasn't mentioned who carried out the hacking or any group involved. This lack of information raises questions about whether the post denying approval was indeed from the SEC or if it was retracted later due to the realization that making such a statement before the decision would be improper.

It remains to be seen if the content of the post turns out to be true or not, but whatever unfolds is expected to have a substantial impact on the crypto market.

Also Read: Key Differences Between Bitcoin and Wrapped Bitcoin

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