Sirwin
Sirwin

ETF Approval: Yay or Nay?


“hodl”

It’s not the first time the hyped Bitcoin ETF has been the focus of DeFi enthusiasts. Throughout the past decade there have been multiple ETF filings for Bitcoin by various companies. Shut down every time for one reason or another

‘Extreme’ volatility. Chances of market manipulation. Each time the goal of the SEC was to ‘protect’ investors from something unfamiliar. 

A Glimmer of Hope:

Now here we are. Bitcoin ETF applicants and investors alike are awaiting for the long awaited and hyped up approval said to take place by tomorrow 1/10/2024. It seemed so sure. So much positivity around it; aside from certain CEOs or government officials who happen to have a huge role in the matter… 

Here We Go…. Again….? 

Now there’s an issue. Of course at the 11th hour. What issues do they have this time that are different from previous concerns of times past? Well it’s not exactly a different issue, but an unexpected party being the cause of uncertainty. 

Who? None other than the ones responsible for giving final say of yay or nay to these ETFs: The SEC. 

A false X post was put out there by the SEC’s official page saying that approval has finally come. Only to crush the hopes and cheers of a great many a short time after. They and chairman Gary Gensler retracted the post and issued others saying the news was false and the ETF was not yet approved. 

News is that the account was hacked. Confirmed by X, the account had been accessed, lacking recommended security measures such as 2FA. With the issue being well spread across social media, the people, even Congress are looking for answers.

The SEC vs Itself. 

Now the problem is this: market manipulation. The SEC is now obligated and encouraged to investigate… the SEC… In order to see if there was any ill intent with the false news. The price of Bitcoin was up to around $48,000 falling to mid $45K range. About $50 Million of trading positions wiped. 

The post was up for about 30 minutes before being taken down and addressed. It reached millions of people. News spread as investors and media rushed to share the long awaited news. It’s understandable that legislators are calling for an investigation.

Looking Ahead.

Who knows what this is going to bring to the markets in the days to come. Approval? Less likely if there’s an internal investigation going on with the SEC. Now investors are more rattled than before so who knows what they’ll do if this gets dragged out without signs of assurance. Despite all this, it’s the general outlook that approval is still set for tomorrow. FUD is there but there seems to be more confidence than in times past. As for Bitcoin prices? They’re currently holding steady around $46K. Now we wait as uncertainty looms. 

 

Written by SMH from ofthefreemarket.com on January 9, 2024

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OfTheFreeMarket
OfTheFreeMarket

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