Institutional interest in the cryptocurrency space remains fairly strong, with funds attracting $103 million in the buildup to a major spot ETF decision.
Read more on: https://thecryptobasic.com/2023/12/25/bitcoin-ethereum-and-solana-investment-products-see-103m-inflows-ahead-of-etf-decision/
#BitcoinETFs! #BitcoinETFUpdate #BitcoinETFLaunch #CryptoTechRevolution #CryptonewswithJack

1. The SEC's Twitter account experienced a security breach, leading to the dissemination of a false statement about ETF approval.
2. X points out the surprising absence of fundamental security measures on the official SEC account, raising concerns among observers.
3. The cryptocurrency market witnessed significant volatility, with Bitcoin and Ethereum prices experiencing sharp fluctuations before stabilizing post the debunking of the fake news.
4. Divergent opinions among analysts emerged, with some attributing the incident to a genuine hack, while others suspect intentional manipulation by the SEC or an external entity.
5. The dissemination of false information is expected to cause delays in the approval process for eagerly awaited Bitcoin ETFs.

On Tuesday, January 9, 2024, the U.S. Securities and Exchange Commission's (SEC) official X account unexpectedly went live and announced the authorization of bitcoin exchange-traded funds (ETFs) on all regulated national securities exchanges. The cryptocurrency market reacted dramatically, witnessing a surge in Bitcoin's price followed by a sharp decline.
Shortly after the post, the SEC deleted it, claiming the account had been hacked, and the announcement was fake. Speculation and discussion flooded the internet, questioning the implications of the agency, responsible for safeguarding investors, being at the center of a major Bitcoin manipulation attempt.
The SEC's compromised X account, with over 1.2 million followers, played a significant role in disseminating information to the public. The fake tweet, featuring the SEC logo and a statement attributed to Gensler, circulated widely before being taken down.
SEC Chair Gensler clarified from his official account that the SEC's X account was compromised, and the post was unauthorized. Surprisingly, the SEC account did not have two-factor authentication activated during the hack, adding a layer of controversy to the incident.
Market repercussions were swift, with Bitcoin's price peaking at $48,000 before plummeting to less than $45,000. Ethereum and the overall crypto market cap also experienced fluctuations, resulting in substantial liquidations on both long and short Bitcoin trades across multiple exchanges.
Analysts and industry figures expressed diverse opinions on the incident. Criticism was directed at the SEC, with figures like Nick Tomaino and Jack Dorsey questioning the legitimacy of the hack. The CEO of Moralis, Ivan, even raised the possibility of the SEC having "hacked itself." Speculation regarding a potential planned tweet with a wrong date added another layer of complexity to the situation.
In conclusion, the true nature of the SEC's fake announcement remains uncertain. This incident is likely to cast a shadow on future ETF approvals, leaving the crypto community in suspense and emphasizing the volatile nature of the cryptocurrency market. It is crucial for investors to conduct thorough research and exercise caution given the unpredictability of the crypto landscape.

#SEC #BitcoinETFs! #BTCETF #BitcoinETF #BitcoinETFUpdate
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The amount of institutional capital bullish on BTC has hit a new all-time high as the deadline for spot Bitcoin ETF decision approaches.
Read more on: https://thecryptobasic.com/2023/12/28/bitcoin-futures-smart-money-index-hits-all-time-high-ahead-of-etf-decision/
#BitcoinIsBullish #BitcoinETFUpdate #Cryptocurrrency #Cryptocurrency.traders #CryptoNews🔒📰🚫

The approval window for spot Bitcoin Exchange-Traded Funds (ETFs) is set to open in less than 20 days, which has the cryptocurrency industry buzzing with anticipation. A thorough list of pending spot ETF files was recently made public by well-known cryptocurrency influencer Crypto Rover, providing insight into the possible applicants who are still seeking Securities and Exchange Commission (SEC) approval.
The Situation with Upcoming Bitcoin ETFs
A tabulated screenshot from Crypto Rover provides interesting information about the applications for pending spot Bitcoin ETFs. Of the thirteen on the list, twelve of them were submitted this year, which indicates that the cryptocurrency industry is becoming more and more interested in getting these investment instruments approved by regulators.
Among the applications filed before 2023, Grayscale Bitcoin Trust is noteworthy since it is a re-file that was filed on October 19, 2021.
The Special Method of Grayscale
One notable feature of the applications that are still pending is Grayscale's most recent submission, which entails transforming its current Grayscale Bitcoin Trust (GBTC).
In contrast to the direct investment strategy that is common in the cryptocurrency field, this calculated move intends to make Bitcoin more available to individual and institutional investors through a traditional investment avenue in the form of shares.
The Regulatory Environment and Timelines
Although there is a window of opportunity for approval, the SEC has not yet established a new deadline for Grayscale's ETF approval, as the last one expired on October 13. The majority of other applications, however, have deadlines that fall during the first quarter of 2024. Pando's application is slated to be reviewed in Q3 2024, but only two applications are extended into the second quarter.
According to Crypto Rover's excellent report, Coinbase is the preferred custodian for the majority of proposed spot Bitcoin ETFs. The landscape of possible ETF offerings has also been further shaped by the fact that eight out of thirteen applicants have chosen the Chicago Board of Exchanges (CBOE) as the designated exchange to fulfill their intended purpose.
Market Prediction
Crypto fans are waiting to see if spot Bitcoin ETFs will be approved as the window for approval is closing. This regulatory approval may indicate a turning point in the market and the start of the next bull cycle. The impending Bitcoin halving event, which is anticipated to take place in the first quarter of 2024, adds to the increased enthusiasm and paves the way for big changes in the cryptocurrency market in the months ahead.
The cryptocurrency community is anticipating the possible approval of spot Bitcoin ETFs and is watching closely to see if this regulatory milestone will significantly alter the sector. With the clock ticking down, all eyes are on the SEC and the decisions
#Roarstock #bitcoin #BitcoinETFUpdate #BitcoinETFLaunch #BitcoinETFApproval
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