Cryptocurrency

Bitcoin ETF

Security

<div class="finbold"> 
 <p class="paragraph">The highly anticipated spot-Bitcoin exchange-traded fund (ETF) approval finally seemed to arrive on January 9. However, it turned out to be false hope for investors, as a tweet that announced it was deleted, and Security and Exchange Commission (SEC) chairman Gary Gensler said the SEC’s X profile was hacked.</p> 
 <p class="paragraph">The recent dissemination of inaccurate information has resulted in the liquidation of over $300 million in Bitcoin (BTC) markets. Despite the disappointment surrounding the dis<a rel="dofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of Blackrock’s ETF, it essentially marked the market bottom, per a post on X from <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> analytics platform <em>Santiment</em> on January 9.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="644" src="https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp" alt="Bitcoin price movement after two fake SEC approvals. Source: Santiment
" class="wp-image-148299" srcset="https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp 1536w, https://cdn.thebittimes.com/images/2024/01/10/933344a797eca9a3597b37c26767ef37.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin price movement after two fake SEC approvals. Source: Santiment 
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 </figure> 
 <h2 class="wp-block-heading" id="h-lessons-from-the-previous-event">Lessons from the previous event</h2> 
 <p class="paragraph">Algorithmic trading has promptly induced volatility following the false post by the SEC. Whether this occurrence swiftly transforms into a ‘sell-the-news’ event or inadvertently shines a spotlight on <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency, potentially contributing to a minor bullish cycle once again.</p> 
 <p class="paragraph">Although not explicitly connecting the imminent Bitcoin ETF decision to a ‘sell-the-news’ scenario, it is noteworthy that the TD Sequential indicator signals a sell on the weekly Bitcoin chart. According to this indicator, a correction lasting one to four weeks is anticipated before BTC resumes its upward trend, per a post from crypto analyst Ali Martinez on January 9.</p> 
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  <img decoding="async" width="1024" height="666" src="https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp" alt="Bitcoin sell signal on a weekly chart. Source: Ali Martinez
" class="wp-image-148300" srcset="https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp 1536w, https://cdn.thebittimes.com/images/2024/01/10/ab4c6d3b0d75cd95384bdc5376ae1d63.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin sell signal on a weekly chart. Source: Ali Martinez 
  </figcaption>
 </figure> 
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 <p class="paragraph">However, it is too early to tell whether the same pattern from the previous event will repeat itself and bring a bull cycle of flagship <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.</p> 
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">At the time of press, Bitcoin was trading at $45,608, marking a -2.13% decrease on the daily chart, contrary to the gains of 1.27% and 8.25% made on the weekly and monthly chart, respectively.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/10/39b01bc6bb82174b3616408185770044.webp" alt="BTC 24-hour chart. Source: Finbold" class="wp-image-148301" srcset="https://cdn.thebittimes.com/images/2024/01/10/39b01bc6bb82174b3616408185770044.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/39b01bc6bb82174b3616408185770044.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/39b01bc6bb82174b3616408185770044.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/39b01bc6bb82174b3616408185770044.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC 24-hour chart. Source: Finbold
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 </figure> 
 <p class="paragraph">It is worth noting that the spike between the fake announcement and the release of hack information has marked a turbulence of over $2,000 in the BTC price, or almost 5% of the total price at the time.</p> 
 <p class="paragraph">Whether this fake news event will send the maiden <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> into the bullish cycle or the consolidation phase remains to be seen.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
 <p class="paragraph"> </p>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/is-the-fake-bitcoin-etf-approval-good-for-crypto-tbt76118.html">https://thebittimes.com/is-the-fake-bitcoin-etf-approval-good-for-crypto-tbt76118.html</a></p>

Is the fake Bitcoin ETF approval good for crypto?

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