A false announcement regarding the approval of the awaited Spot ETF caused turmoil in the crypto market. SEC posted and later retracted the approval, citing a hack.
Key Takeaways
- False announcement on TwitterX regarding the approval of Spot ETF causes chaos in the crypto market.
- SEC clarifies the unauthorized post, denying approval for spot bitcoin exchange-traded products.
- Doctor Profit warns of a correction, admitting to an inaccurate prediction and highlighting the need to prioritize price action over news.
- The crypto community remains on edge, speculating about the impact of the false approval on the Bitcoin ETF narrative and anticipating further corrections.
False ETF Approval Sparks Market Turmoil
The cryptocurrency market experienced a wave of confusion and disappointment following a false announcement on the official SEC TwitterX account regarding the approval of Spot ETF.
Initially, the post generated excitement within the community, triggering vigilant chart monitoring. However, the joy was short-lived as the post was taken down, attributing the incident to a hack and unauthorized activity.
Read More: SEC’s Feedback on Bitcoin ETFs May Signal Delays Ahead
SEC Denies Approval
The U.S. Securities and Exchange Commission (SEC) swiftly clarified that they had not granted approval for the listing and trading of spot bitcoin exchange-traded products.
BREAKING: 🇺🇸 SEC Chair Gary Gensler says SEC account was hacked and posted a false spot #Bitcoin ETF approval announcement. pic.twitter.com/Rc1tdRJ51e
— Bitcoin Magazine (@BitcoinMagazine) January 9, 2024
In response to the unexpected turn of events, prominent crypto predictor Doctor Profit emphasized the significance of predicting price action over relying on news in trading.
Speculation and Market Uncertainty
Despite the false approval post, Doctor Profit’s initial prediction about the SEC potentially rejecting the ETF remains a looming possibility. The crypto community is left in speculation about the overall impact of the Bitcoin ETF narrative and is bracing for another potential correction before clear signals for market stability emerge.
To Conclude
The false announcement of the Spot ETF approval has injected confusion and uncertainty into the crypto market. This incident underscores the necessity for caution and skepticism in the crypto space.
As the crypto community analyzes the situation, there is a palpable sense of anticipation for genuine developments in the ongoing Bitcoin ETF saga, while the market remains on edge amidst the uncertainty and potential for further corrections.
