The cryptocurrency community was stunned on January 9th when the official Twitter account of the US Securities and Exchange Commission posted fake news claiming the approval of a spot Bitcoin ETF. This incident has cast uncertainty over whether the SEC will proceed as planned with its highly anticipated decision on several ETF proposals.
As the SEC investigates the hack in cooperation with law enforcement, it remains unclear if the projected timeline is still viable given the compromised social media presence. However, Fox Business reporter Charles Gasparino said denial would be rare once the SEC reaches such an advanced stage in the review process.
Some in the industry have speculated this may have been an orchestrated event to create grounds for denial. While the SEC probe will shed light on this, most experts still expect a decision to move forward as the agency has not denied past proposals at this stage.
Bitcoin saw a brief price jump above $47,000 on the fake news before settling back around $45,000, down 2% over the past day. The cryptocurrency likely awaits an official update from the SEC to spark further rally momentum.
Long-term, prominent investors like Samson Mow still predict Bitcoin reaching $100,000 eventually due to increased institutional adoption. But the market will be watching closely for regulatory clarity from the SEC in the coming weeks to see if this bull cycle can continue. The ETF decision will be a major determining factor for bitcoin’s next price moves.
