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SEC Account Hack Sparks Concerns Over Bitcoin ETF Approval

A recent hack of the SEC's X account raises questions about the future of Bitcoin ETF approvals and its impact on market trust.
Published on 2024-01-10

SEC Account Hack Raises Alarm

The financial sector was shaken when the official X account of the United States Securities and Exchange Commission (SEC) posted fake news regarding the approval of a spot Bitcoin Exchange Traded Fund (ETF). This incident has heightened concerns about the SEC's forthcoming decisions on the matter, leaving the market and crypto community in suspense.

Investigation Underway

Hacks targeting high-profile government accounts on social media are not uncommon, and the SEC has begun investigating the recent breach, engaging with law enforcement agencies. The trust in the SEC's X account is now compromised, casting doubt on the timeline for spot Bitcoin ETF approval previously anticipated by many.

Conspiracy Theories Emerge

Amidst the chaos, conspiracy theories have surfaced within the crypto community. Some speculate that the hack could be a deliberate ploy to create grounds for denying the spot Bitcoin ETF application. This theory will be explored in the ongoing investigation, but many still expect the approval process to continue as planned.

Bitcoin's Price Fluctuations

Following the fake news, Bitcoin's price initially surged above $47,890. However, it later fell and is currently trading at $45,859.90, marking a 2.07% decline over the past 24 hours. Despite this volatility, a confirmed update on the Bitcoin ETF approval could trigger a significant price rally for the digital currency.

Future Projections

Market observers, including prominent figures like Samson Mow, are optimistic about a long-term Bitcoin price surge. The crypto community eagerly awaits an official announcement regarding the spot Bitcoin ETF, which could catalyze a breakout moment for Bitcoin.

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