On January 9, a hacker posted false information on the official X account of the US Securities and Exchange Commission (SEC) claiming that a spot Bitcoin exchange-traded fund had been approved, shocking the financial community. This new development has sparked new questions about whether the market regulator would follow through on its intentions to approve the product in line with community expectations.
What comes next?
High-profile government accounts on well-known social media sites like X are frequently hacked. It has opened an inquiry into the incident, as verified by the market regulator, and it intends to work with law enforcement.
Given the recent breach of confidence in the SEC’s X account, it is unclear if the current estimated timeframe for spot Bitcoin ETF approval can still be met. Charles Gasparino, the senior correspondent for Fox Business Network, pointed out that historical data suggests that the market regulator is unlikely to get to the point that it has with Bitcoin ETF filings and reject the plans completely.
https://x.com/CGasparino/status/1744838264698057082?s=20
In keeping with the hack, a lot of people in the cryptocurrency world are kicking about conspiracy theories, suggesting that the mishap may have been planned to create fresh justifications for rejecting the spot Bitcoin ETF application. Although the initiated inquiry will support this school of thinking, it is anticipated that the approval process will go according to schedule.
Bitcoin lying in wait for rally
The phoney announcement of the approvals caused the price of Bitcoin to momentarily rise above $47,890. After dropping, the currency is currently trading at $45,859.90, a decrease of 2.07% over the previous day. If an officially verified update about the approval of the spot Bitcoin ETF is released, the cryptocurrency is probably going to have its big breakthrough moment.
Samson Mow’s prediction of a $1,000,000 price tag for Bitcoin in the long run was one of the main drivers of the price spike.
