Bitcoin faced a momentary setback, plunging to approximately $45,000, only to recover after a misleading post on the US Securities and Exchange Commission’s X account falsely asserted approval for Bitcoin Exchange-Traded Funds (ETFs). The SEC swiftly clarified that no approval had been granted for spot-Bitcoin ETFs, attributing the misinformation to a compromised X account. The unexpected cybersecurity incident caught market participants off guard, with the SEC expected to make an official ETF decision on Wednesday in the US.
As of 7:20 a.m. in London on Wednesday, Bitcoin was trading at $45,900, retracting from its Tuesday peak of over $47,000. Amid growing optimism surrounding imminent ETF approvals. Ophelia Snyder, President of 21Shares, expressed confidence that the incident wouldn’t hinder the process. Emphasizing the decade-long effort’s resilience to last-minute drama.
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Bitcoin ETF
The fate of the ARK 21 Shares application, seeking a Bitcoin ETF with ARK. Hangs in the balance as the SEC is obligated to address it by Wednesday’s end. Analysts anticipate multiple approvals following last-minute adjustments to offering statements, adding another unexpected twist to the prolonged endeavor.
Gary Gensler, SEC Chair, known for highlighting crypto-related fraud, faced setbacks after the 2022 sector rout. Despite past skepticism, the SEC’s loss in a legal battle against Grayscale Investments in 2022 hinted at potential acquiescence to spot ETFs. Bitcoin’s 163% surge in the last 12 months fueled by ETF anticipation raises questions about a potential ‘sell-the-news’ reaction upon approval. With speculation about profit banking triggering a pullback.
Surge to Nearly $48,000
The brief surge to nearly $48,000, triggered by the false SEC post, underscores the risk of a ‘sell-the-news’ reaction. Tony Sycamore, a market analyst at IG Australia Pty, suggests that Bitcoin’s settling point post-volatility will determine whether it experiences a pullback after a potential ETF approval, projecting a burst to $51,000 if trading between $46,000 and $47,000 before the announcement.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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