Surprisingly, the cryptocurrency market was thrown into turmoil after a fake announcement regarding the approval of spot Bitcoin ETFs appeared on the official Securities and Exchange Commission (SEC) account. Bloomberg ETF analyst Eric Balchunas hinted that the SEC’s hacking of account
Comment from ETF expert about SEC sharing: It seems planned
Chaos ensued late yesterday when a fake report regarding the approval of spot Bitcoin ETFs was posted on the SEC’s official account. Eric Balchunas, one of Bloomberg’s prominent ETF analysts, expressed his skepticism, claiming that everything appeared to be planned. While the incident was labeled a “hack,” Balchunas offered an alternative explanation, arguing that the shared post was indeed a genuine endorsement announcement. However, he claimed that an insider may have changed the timing of the post to deliver it earlier than planned.
Balchunas humorously noted that someone meticulously planned to share the post but accidentally chose the wrong day. According to the ETF analyst, it would have been much more effective if the announcement was released at the same time tonight. According to Balchunas, the SEC’s official and legitimate approval is expected to be announced on the night between Wednesday and Thursday, between midnight and 01:00 on January 11. It is believed that spot Bitcoin ETFs will begin trading on exchanges on Thursday, January 11.
Cryptocurrency market eagerly awaits Bitcoin ETF announcements
Meanwhile, prices rose above $46,000 on Tuesday as expectations for approval for the U.S. spot exchange-traded fund (ETF) increased, according to CryptoQuant data. Thus, almost 90% of the held Bitcoin supply is at profit. At the beginning of last year, this rate was just under 50%. Bitcoin is up nearly 160 percent in 2023 and has gained 50 percent in the past six months, largely on expectations that the U.S. SEC will approve an ETF. The price rise has driven many HODLers (slang for long-term investors) into the black. El Salvador, for example, recently reported a $13 million profit from its Bitcoin investment thanks to the rally.
As a result, while the crypto community awaited the official announcement from the SEC, the repercussions of this incident, which was the second fake ETF approval after the October incident, caused fluctuations in the cryptocurrency market. Balchunas’ prediction that a perfectly timed tweet gone wrong adds a layer to the unfolding drama. The SEC’s decision, which is expected to be made public between 16:00 and 17:00 Washington time, holds the key to the fate of spot Bitcoin ETFs, which the entire crypto market is watching with excitement. Stay tuned for more updates.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.