🔒 Bitcoin’s Price Drops Amidst SEC Security Oversight

Amidst increased regulatory scrutiny, the price of Bitcoin saw a significant drop to $46,000 in a market characterized by heightened sensitivity, reflecting nearly...

Bitcoin’s price is predicted to drop to $46,000 due to security issues with the SEC and ETF problems.

In a market marked by heightened sensitivity to regulatory actions, Bitcoin’s price experienced a notable dip to $46,000, reflecting nearly a 1.50% decrease on Wednesday. This latest fluctuation in the world’s premier cryptocurrency comes amid news of a security oversight at the U.S. Securities and Exchange Commission (SEC).

A failure to enable two-factor authentication led to misinformation regarding a Bitcoin ETF. It added to the ongoing turmoil and uncertainty in the digital asset space. This incident underscores the intricate relationship between regulatory dynamics and the volatile cryptocurrency market. Moreover, it further influenced investor sentiment and Bitcoin’s price trajectory.

SEC Account Hacked Due to Absence of 2FA, Triggering Bitcoin ETF Confusion

The U.S. Securities and Exchange Commission (SEC), a key financial regulatory body, recently faced a security issue when their official social media account was hacked. The X Safety team reported that this breach occurred due to a SIM swap attack – a type of hack where the attacker takes over someone’s phone number. Surprisingly, the SEC’s account didn’t have two-factor authentication (2FA) enabled, a basic security measure, which made the breach easier.

During this attack, the hackers falsely announced that a Bitcoin ETF (Exchange-Traded Fund) had been approved. This misinformation led to a sudden surge in Bitcoin’s price to $47,897, followed by a drop below $45,000 when the SEC clarified that the announcement was fake.

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• Spot Bitcoin ETFs: Competition Heats Up as Fees Get Slashed 🚀💰

This incident highlights how sensitive Bitcoin’s price is to regulatory news and the importance of robust security measures in preventing misinformation.

Bitcoin Price Update

In the ever-evolving digital currency market, Bitcoin (BTC/USD) continues to assert its dominance, holding the top position on CoinMarketCap. As of January 10, Thursday, the live price of Bitcoin is $45,768.72, with an impressive 24-hour trading volume of $38.86 billion.

Despite its recent 1.35% decline, Bitcoin’s market capitalization remains robust at approximately $896.80 billion. It’s bolstered by a circulating supply of 19.59 million BTC out of a maximum of 21 million.

Bitcoin Price Prediction

Focusing on the day’s technical landscape, Bitcoin’s pivot point is calculated at $45,721. It currently faces immediate resistance at $46,306, with subsequent barriers at $47,228 and $47,922. On the flip side, support levels are stationed at $45,230, followed by $44,739 and $44,398, which are pivotal in preventing significant declines.

From a technical indicators standpoint, the Relative Strength Index (RSI) for Bitcoin stands at 57. This places it in a relatively bullish sentiment zone, although it is not in the overbought territory (above 70), which could have indicated an impending price correction.

The 50-Day Exponential Moving Average (EMA) sits at $44,708.0, with Bitcoin’s current price above this mark, suggesting a short-term bullish trend.

Chart analysis reveals that Bitcoin recently completed a Fibonacci retracement at $45,721, aligning with the 38.2% Fibonacci level. This is a critical juncture; a sustained move below this level could amplify selling pressures, given the overbought conditions that are now undergoing correction.

In conclusion, the overall trend for Bitcoin seems cautiously bullish, particularly if it maintains levels above $45,250. In the short term, traders and investors should anticipate Bitcoin testing its immediate resistance levels.

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🤔 Q&A: Addressing Additional Topics

Q: What can we learn from the SEC’s security oversight incident?

A: The incident highlights the importance of robust security measures, such as enabling two-factor authentication (2FA), in safeguarding digital assets and preventing misinformation. It also emphasizes the crucial role of regulatory dynamics in shaping the cryptocurrency market.

Q: How sensitive is Bitcoin’s price to regulatory news?

A: Bitcoin’s price is highly sensitive to regulatory news. As seen in this incident, false announcements about regulatory decisions can result in significant price fluctuations. Traders and investors should closely monitor regulatory developments and exercise caution when interpreting news related to cryptocurrencies.

Q: What are the key resistance and support levels for Bitcoin’s price?

A: Bitcoin currently faces immediate resistance at $46,306, with subsequent barriers at $47,228 and $47,922. On the flip side, support levels are stationed at $45,230, followed by $44,739 and $44,398. These levels play a pivotal role in determining the direction of Bitcoin’s price.

Q: Is Bitcoin’s overall trend bullish or bearish?

A: The overall trend for Bitcoin appears cautiously bullish, particularly if it maintains levels above $45,250. However, traders and investors should remain vigilant and closely monitor price movements and technical indicators for any signs of a potential price correction.

Q: Which alternative cryptocurrencies should I consider investing in?

A: Our curated list of the top 15 alternative cryptocurrencies provides valuable insights and expert advice for potential investment opportunities. Explore the list and conduct your own research to make informed decisions based on your investment goals and risk tolerance.

📚 References

1. Bitcoin Price Rally Breaches $50,000 a Month – Matrixport
2. Worldcoin (WLD) Launches World.ID 2.0 with Iris Scanner Orb Authentication in Singapore
3. Bitcoin (BTC/USD) Price Pumps Towards $45,000 – SEC to Approve Multiple BTC ETF Applications?
4. Bitcoin Miners Offload 129M BTC in a Day, Sending Reserves to Lowest Point
5. 15 Cryptocurrencies to Watch in 2023

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