Everything happened overnight, from the announcement of the approval of spot Bitcoin ETFs to Gansler's about-turn, denouncing the hacker attack on the SEC's social networks

The SEC announces ETFs, but it's all fake

The crypto community now seemed ready to welcome spot Bitcoin ETFs on the evening of January 10, as many analysts had predicted, but during the night the SEC decided to bring forward the plans, announcing the launch of the new financial products via its social channels.

Certainly not an "institutional" method (among other things, the announcement never appeared on the site), but the official profile is clear: ETFs are here.

Here is the offending tweet:

AND BUT NO. All of this is just the umpteenth madness that one has to live in this frenetic crypto world, all of a sudden caught up in the FOMO for the announcement of the new ETFs, and a second later under the cold water of the communication from the president Gary Gansler, who announces how the SEC's social channels were hacked.

On the hack itself, among other things, there are many doubts. There are those who speak of a failure to adopt correct protections in terms of cybersecurity, while others, like Eric Balchunas of Bloomberg, even suspect that it is simply an error in the programming of the post. The official version, so far, is that the SEC would have nothing to do with it.

In any case, the movement of BTC is there to tell the events of the evening: an initial pump that brings the first cryptocurrency to almost 48 thousand dollars, and a significant dump that causes it to collapse to $45,500.

Latest official updates: according to the X Safety profile, the official account that follows cybersecurity on X (Twitter), it is true that the SEC profile has been compromised.

Someone managed to gain access to the phone number associated with it and reset the password.

This was possible because the account did not have two-factor authentication enabled: https://twitter.com/SECGov

What happens now?

At this point, we are back to square one. The approval should however arrive in the next few hours, with the difference that the community will probably take a little more time to confirm its official status.

K33 Research, in the previous hours, had tried to predict the behavior of BTC once the new financial product was approved, considering a "sell the news" scenario now unlikely at the time of the announcement of the ETFs. And it actually doesn't seem to have gone far, according to the first moments following the fake announcement.

This vision is affected by the liquidations that have already taken place in recent days following the correction of BTC below 42k, which have compromised the profits made by many traders and therefore improved market conditions.

Furthermore, the commissions relating to the new ETFs would signal the intention to attract the greatest number of investors immediately, with a fight among applicants for the most convenient fees. Therefore, although volatility may increase at launch, the assumptions would still suggest a rise in BTC.

Bitwise, among the various institutions, even offers 0% fees for the first six months, and in general all the players seem to play downwards from this point of view.

The only exception, in some ways, is Grayscale, which however has the advantage of negotiating a "conversion" of its GBTC trust, already having around 27 billion dollars under management.

The low commissions, collaterally, could then reduce the selling pressure of BTC, for the simple fact that issuers would "liquidate less BTC to cover the fees".