Godfrey Benjamin
If the SEC's X Account is Compromised, Will It Still Approve Spot Bitcoin ETFs?
Continue reading U.TODAY
Google News
The financial world was shocked on January 9 when the official X account of the US Securities and Exchange Commission (SEC) was hacked to post fake news about the approval of a spot Bitcoin exchange-traded fund. This development has raised new concerns about whether the market regulator will implement its plans to approve the product as expected by the community.
What's next?
Hacker attacks on high-profile government accounts on popular social media platforms like X are not uncommon. The market regulator confirmed that it has launched an investigation into the attack and plans to cooperate with law enforcement authorities.
With confidence in the SEC's X account now at risk, it remains uncertain whether today's planned spot Bitcoin ETF approval schedule is still viable. However, Fox Business Network senior correspondent Charles Gasparino pointed out that based on precedent, it would be rare for the market regulator to get as far as it has with Bitcoin ETF applications and the proposals entirely reject.
In connection with the hack, many in the crypto ecosystem are entertaining the idea of a conspiracy theory, pointing out that the accident may have been staged in such a way that there would be new reasons for the rejection of the spot Bitcoin ETF application. While this line of thinking is supported in the investigation that has been initiated, there is an expectation that approval will proceed as planned.
Bitcoin is waiting for a rally
Bitcoin price temporarily rose above $47,890 following the fake news about the approvals. The coin has fallen and is now changing hands for $45,859.90, down 2.07% in the last 24 hours. The digital currency is likely to see its big breakthrough when an officially certified update on the Bitcoin ETF preliminary approval is released.
One of the main predictions for a rise in the price of Bitcoin comes from Samson Mow, who predicts a price of $1,000,000 in the long term.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.