🎉 Bitcoin ETFs Approved – A Rollercoaster of Emotions and Price Movements 🎢

Bitcoin price surges to record yearly peak of nearly $48,000 following announcement by US SEC's official X account about increase in spot Bitcoin ETFs

Gary Gensler, SEC Chair, claims the official SEC account has been hacked. What does this mean for Bitcoin’s price?

Introduction

In a wild turn of events, the cryptocurrency world was sent on a rollercoaster ride when the US SEC’s official Twitter account, X, tweeted the approval of spot Bitcoin ETFs. The Bitcoin price skyrocketed to new yearly highs near $48,000, only to plunge by $3,000 moments later when SEC Chairman Gary Gensler announced that the account was “compromised.” Let’s dive deeper into what happened and address some burning questions in this article.

Image source: DALL·E

❓ SEC Official Account “Compromised” – What’s Going On?

Cryptocurrency enthusiasts have eagerly awaited the SEC’s approval of multiple spot Bitcoin ETF applications. This heightened anticipation made the market extremely sensitive to any news from the SEC’s Twitter account, especially during this critical time. So when the account was compromised, crypto community members were quick to express their frustrations and lambasted the SEC’s incompetence.

“It’s wild that the SEC can scream and whine about the dangers of crypto etc… And at the same time, they can’t even keep their Twitter account secure,” exclaimed @OhHaiAndy. Geoffrey Miller also criticized the SEC’s cybersecurity failure, stating that it “imposes billions of pointless losses on investors.”

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Bitcoin (BTC) Price Chart / Source: TradingView

Even Dumb Bitch Capital, LLC joined in, humorously suggesting that the SEC should investigate itself for billions of dollars over three years to uncover the truth behind the hack. The reactions were a mix of concern and good-natured mocking of the situation.

❓ Are Spot Bitcoin ETFs Already Approved?

Some users questioned the motive behind an alleged hacker tweeting an approval rather than rejection. After all, the market had been riding on the optimism of spot ETF approvals for weeks. A rejection tweet would have undoubtedly triggered a significant downward move. Others praised the SEC’s swift recovery of control over its main account, leading some to speculate that the hack wasn’t real.

Amidst the theories, an interesting idea emerged. Some X users theorized that it was an intern who accidentally pressed “publish” instead of “schedule” on the SEC’s official spot Bitcoin ETF approval announcement tweet. Sicarious humorously commented, “Gary is saving face calling it a Twitter hack while taking the intern out back to shoot him.”

If these theories hold true, it means that the SEC has already internally decided to approve spot Bitcoin ETFs. What remains is the official announcement, which seems to have been botched.

💡 Bitcoin Price Prediction – Where Next for the BTC Price?

Despite the chaos caused by the supposed hack, Bitcoin’s positive outlook is unlikely to be derailed. Assuming approval of multiple spot Bitcoin ETFs by the SEC, short-term price predictions remain bullish. The approval will act as a regulatory green light, boosting BTC’s credibility as an asset.

Moreover, purchasing spot Bitcoin ETFs through existing brokers offers an easy way for US investors to gain BTC exposure. According to Standard Chartered, these approvals could result in $50-$100 billion inflows, providing significant long-term support for Bitcoin. In fact, the bank even projected BTC to reach $200,000 by 2025.

The expected demand shock from spot Bitcoin ETF approvals coincides with the upcoming halving event in April, which will reduce sell pressure from BTC miners. Furthermore, anticipated Fed rate cuts are likely to create currency debasement tailwinds for assets like Bitcoin and gold in the coming years.

Hence, dip buying is expected to be the strategy of choice for many investors. If the Bitcoin price experiences a “sell-the-fact” reaction to SEC spot Bitcoin ETF approval, there will be a wave of buyers ready to scoop up BTC as it approaches $40,000.

🌐 References

1. SEC Chair Gary Gensler Issues Twitter Thread Advising Crypto Investors Ahead of Potential Spot Bitcoin ETF Approval
2. Bitcoin (BTC) Price Pumps Towards $45,000 as Reporter Claims SEC to Approve Multiple BTC ETF Applications – News Expected Soon, Possibly Today
3. 2023 Recap: A Yin-Yang Crypto Year
4. Spot Bitcoin ETFs Could Boost Bitcoin Price to $200,000 by 2025, Standard Chartered Predicts
5. Bitcoin Halving 2024: Miners Predict Potential Outcomes of Reduced BTC Rewards
6. Revised Forecast: Bloomberg Analyst Cuts Probability of Bitcoin Spot ETF Rejection to 5%

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