U.Today - The financial world was rattled on Jan. 9 when the official X account of the United States Securities and Exchange Commission (SEC) was to post fake news about the approval of a spot Bitcoin Exchange Traded Fund. This development has raised fresh concerns about whether the market regulator will go ahead with its plans to approve the product as anticipated by the community.
What comes next?
With trust in the SEC's X account now compromised, it remains uncertain whether today’s projected timeline for spot Bitcoin ETF approval is still feasible. However, Fox Business Network’s Senior Correspondent Charles Gasparino that, based on precedent, it would be quite rare for the market regulator to get as far as and deny the proposals altogether.
In line with the hack, many in the crypto ecosystem are nursing the idea of a conspiracy theory, noting that the accident might have been orchestrated so that there would be new grounds for denial of the spot Bitcoin ETF application. While this school of thought will be substantiated in the launched investigation, the expectation is that the approval will proceed as planned.
Bitcoin lying in wait for rally
One of the core projections for a Bitcoin price surge came from Samson Mow, who in the long term.