Bitcoin market fluctuates around $3,000 due to SEC fake approval regarding ETF

Macroeconomics and financial markets

On the US New York stock market on the 9th, the Dow Jones Industrial Average fell by $157.8 (0.42%) from the previous day, while the Nasdaq Index closed 13.9 points higher.

With the results of the US Consumer Price Index (CPI) for December last year due to be announced on the 11th, it is difficult to take aggressive new positions.

connection:10 major virtual currency stocks in the Japanese and US stock markets

Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price fell 1.38% from the previous day to 1 BTC = $46,048.

BTC/USD 15 minutes

The official Twitter account (X) of the US SEC (Securities and Exchange Commission) announced that “We have approved the listing of Bitcoin spot ETFs (exchange traded funds) on all SEC-registered stock exchanges.”

However, shortly after that (approximately 15 minutes later), SEC Chairman Gensler denied this, saying, “We do not approve Bitcoin spot ETFs. The SEC’s official X has been hijacked,” and the market fluctuated wildly.

The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

— Gary Gensler (@GaryGensler) January 9, 2024

According to a report by The Block, the SEC will work with law enforcement agencies and others to take steps to combat unauthorized access and illegal activity. Cynthia Lummis, a member of the Senate Banking Committee, which has jurisdiction over the securities market, said, “In cases like this, there is a possibility of market manipulation, and we need transparency about what happened.” Ta.

Fraudulent announcements, like the one that was made on the SEC’s social media, can manipulate markets. We need transparency on what happened.

— Senator Cynthia Lummis (@SenLummis) January 9, 2024

connection:US SEC social media account was hacked and posted fake announcement of approval of Bitcoin ETF

Immediately after the stock price soared to $47,900, it fell sharply to $44,700, which can be said to have shown that the sell-the-fact sell-off, which had been feared as a dry run, could very well occur.

On the other hand, it can also be seen that the risk of actual selling after approval has been reduced as highly leveraged positions in the futures market were burned out during the recent ups and downs.

Crypto asset analyst Alex Krueger said, “Even if approved, the upside for Bitcoin, which is already skyrocketing, would be limited, and market focus would shift to the possibility of approval for the Ethereum spot ETF.” .

According to on-chain data shared by Ali Martinez, whales (large investors) have added over 410,000 ETH in the last month.

In the past month, #Ethereum whales bought over 410,000 $ETHworth nearly $1 billion! pic.twitter.com/1gGguoEypx

— Ali (@ali_charts) January 6, 2024

Are US institutional investors bullish?

According to CryptoQuant’s Maartunn, the Coinbase Premium Index of Coinbase, the largest US cryptocurrency exchange, is trending bullish.

I’m not sure how much bitcoin this Coinbase bidder trying to collect, but the premium difference at Coinbase has been consistently positive for eight consecutive days. pic.twitter.com/ZKo3Fj0aTW

— Maartunn (@JA_Maartun) January 8, 2024

This is an indicator that shows the price difference between Coinbase’s USD currency pair and Binance Global’s USDT pair as a 14-day simple moving average (SMA). Coinbase’s buying pressure exceeds Binance’s, and the premium (upward deviation) increases. means that it is occurring.

IntoTheBlock’s data backs this up.

Large holders bought the dip! Bitcoin holders holding >1% of the supply accumulated more than 14k $BTC over the past week as prices dipped below $43k. pic.twitter.com/VgBXvtaI1o

— IntoTheBlock (@intotheblock) January 9, 2024

Whales (large investors), who hold more than 1% of the Bitcoin supply, have accumulated over 14,000 BTC through push buying over the past week.

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Bitcoin ETF special feature

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

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