To sum things up

• The crypto business is enthusiastically anticipating the endorsement of the first spot Bitcoin ETF in quite a while, following misleading news from a hacked SEC record.
• SEC Seat Gary Gensler affirmed the unapproved tweet, expressing that the organization has not endorsed the posting and exchanging of spot Bitcoin ETFs.
• The episode ignited hypothesis and paranoid ideas, with some blaming the SEC for arranging the hack and others calling for straightforwardness.

The crypto business stays ready fully expecting the endorsement of the principal spot Bitcoin trade exchanged store (ETF) in the US. Following a social media account hack by the SEC, fake news led to a BTC price pump and dump and a flood of speculation.

On January 9, the X record for the US Protections and Trade Commission was compromised, posting counterfeit news that the spot Bitcoin ETFs had been endorsed.

Will SEC Delay Bitcoin ETF Approvals?

SEC seat Gary Gensler said that an “unapproved tweet was posted,” adding that the organization has not endorsed the posting and exchanging of spot Bitcoin ETPs

The responses from industry specialists and spectators were wild, with hypothesis and fear inspired notions flourishing.

Numerous individuals requested that X founder Elon Musk conduct an investigation and suggested that Gensler and the SEC were to blame for the account “hack.”

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“Forget front-running, SEC insiders decided to go for full blown market manipulation, flushing all leveraged longs .. wow, just WOW,”

Meanwhile, pro-crypto Wyoming Senator Cynthia Lummis called for transparency:

“Fraudulent announcements, like the one that was made on the SEC’s social media, can manipulate markets. We need transparency on what happened.”

Tie and VanEck planner Gabor Gurbacs additionally addressed, “Consider the possibility that this was an inside work?” ” Is the best way to stop or defer a Bitcoin ETF is to make an occasion like this,” he added.

Samson Mow, a pioneer in the field of Bitcoin and CEO of JAN3, posted on Twitter that the SEC will delay all approvals for Bitcoin ETFs until Q2, 2024. Notwithstanding, this was additionally phony information, and the tweet has since been erased.

In the mean time, Bloomberg ETF expert Eric Balchunas held a survey finding out if it was an inside work. Over 83% of the 12,100 respondents thought it was.

Nevertheless, fellow ETF analyst James Seyffart saw the funny side. He retweeted an SEC tweet claiming that the best source of information was the SEC.

BTC Spikes, Dips, and Recovers

Bitcoin prices spiked to $47,680 when the tweet went viral but quickly slumped to $45,415 within an hour after.

The asset is currently trading down 1.6% on the day at just over $46,000 at the time of writing.

The spike might have been a tester of what will occur on the off chance that Bitcoin ETFs are supported on January 10.

In any case, those betting on the result with a great deal of influence will recuperate earlier today. In addition, it would appear that Gensler, who advised against FOMO, and the SEC have just accomplished the exact opposite of what they set out to do, which is to “protect investors.”