US SEC’s Tweet Creates Volatility: Bitcoin ETF Approval Confusion
On January 9, there was high drama in the cryptocurrency market as the United States Securities and Exchange Commission (SEC) tweeted that spot Bitcoin (BTC) exchange-traded fund (ETF) applications were approved. However, it was later revealed that the SEC’s social account had been hacked, and no ETFs had actually been approved. The tweet caused a momentary surge in Bitcoin’s price, as it quickly climbed to around $48,000 before slipping back to $46,000 within minutes. The trading firm QCP Capital noted that the muted response to the tweet was likely due to the fact that the approval was already anticipated and priced into the market.
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