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At 22:00 (CET) the X message crossed the tickers: The US Securities and Exchange Commission (SEC) approved the trading of the Bitcoin ETF. The market reacted enthusiastically with a strong price increase northward. One Bitcoin traded for almost $48,000.
The court’s term will expire on Wednesday. If the SEC does not approve the ETF by Jan. 10, there is a risk that charges will escalate. However, the SEC’s tweet was deleted shortly after; instead, the SEC reported that account X was “compromised.” “An unauthorized post has been published. The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.”
SEC Chairman Gary Gensler (66) also spoke about X and repeated his authority’s statement. SEC-X account was hacked and Bitcoin funds were not approved.
Market doubts SEC rejection
The market isn’t actually buying this from Gensler or the SEC. There is speculation on social media that someone posted a prepared tweet too early. Because the U.S. Securities and Exchange Commission is running out of options on resistance to crypto.
Financial giants such as Blackrock, JP Morgan and Grayscale, which are close to both Wall Street and the US government, are pushing for the financial product. Bitcoin ETFs are paving the way for institutions and private investors who were previously hesitant about digital currencies to enter regulated crypto trading.
As reported from savvy financial circles in the US on Monday and Tuesday, all is going as planned, with the approval of the Bitcoin ETF getting the green light on Wednesday. The SEC passionately demanded the form in the last few minutes.
“Buy the rumor, buy the news”
Following the SEC’s rejection, Bitcoin trading initially remained volatile but did not record any panic losses. Investors are reporting a price decline if SEC approval is finally available, in keeping with the common trading slogan: “Buy the rumor, sell the news.” “Buy the rumor, sell the news.”
But the Bitcoin ETF also represents a historic new financial vehicle for Wall Street. Digitization of assets will likely open a huge new market; that’s why many are revising the common trading slogan of the anticipated Bitcoin ETF: “Buy the rumor, buy the news.” “Buy the rumor, buy the news.”
High volatility is expected in the market in the short term, which is nothing new for crypto investors. In the medium to long term, inflation-resistant cryptocurrencies such as Bitcoin and altcoins have proven to be profitable investments.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
