The global cryptocurrency and stock markets are currently on edge as they await the decision of the U.S. Securities and Exchange Commission (SEC) on the spot Bitcoin ETF today. January 10 marks the final deadline for the SEC to either approve or deny the ARK 21Shares Bitcoin ETF (ARKB). Experts are predicting that all 11 spot Bitcoin ETF prospectuses will receive approval simultaneously. Now, due to fake Bitcoin ETF news, Bitcoin price is displaying bearish momentum. Will the BTC price continue to drop? Let’s take a look at this Bitcoin ETF News LIVE Update.
Bitcoin ETF News LIVE Update: The fake Bitcoin ETF SEC’s post
In a concerning development, hackers gained control of the U.S. SEC’s X account and disseminated false information about the approval of all Bitcoin ETFs. SEC Chair Gary Gensler promptly clarified that the securities agency has not approved the listing and trading of spot bitcoin exchange-traded products.
In the aftermath of the events, the repercussions were significant, with a total of over $210 million in liquidations. This figure comprised more than $135 million from the closure of long positions and an additional $67 million from the liquidation of short positions.
Bitcoin ETF News LIVE Update: How has the Bitcoin price moved in recent days?
The present value of Bitcoin stands at $ 45,968, accompanied by a 24-hour trading volume of $ 69.80 billion, a market capitalization of $ 900.71 billion, and a market dominance of 52.28%. Over the past 24 hours, the BTC price has experienced a decrease of -1.81%.
Bitcoin achieved its peak price on November 10, 2021, reaching an all-time high of $ 68,770. Conversely, its lowest recorded price occurred on July 17, 2010, plummeting to an all-time low of $ 0.050000. The lowest point since the all-time high was $ 15,599 (cycle low), and the highest BTC price since the last cycle low was $ 47,948 (cycle high). The current sentiment for Bitcoin price prediction is bullish, while the Fear & Greed Index reflects a reading of 73 (Greed).
As for its supply dynamics, the circulating supply of Bitcoin is currently 19.59 million BTC out of a maximum supply of 21.00 million BTC. The ongoing yearly supply inflation rate is 1.96%, resulting in the creation of 377,286 BTC in the last year. In terms of market capitalization, Bitcoin holds the top position in the Proof-of-Work Coins sector and is ranked #1 in the Layer 1 sector.
Bitcoin ETF News LIVE Update: Will the BTC Price Continue to Drop?
According to Blockworks, the U.S. Securities and Exchange Commission (SEC) has not yet scheduled a voting meeting for the approval of a Bitcoin spot ETF. However, there is a suggestion of potential alternative approval methods. The upcoming meeting where SEC members can cast their votes is slated for January 11, following the deadline for responses to Ark and 21Shares’ applications. SEC Chairman Gary Gensler has the option to conduct an anonymous vote on the approval of a Bitcoin spot ETF without the need for a formal meeting, allowing members to cast their votes sequentially.
Another option is the delegation of decision-making authority, although any objections raised within a 10-day period could trigger a full committee vote, potentially causing delays in the process. In response to inquiries, the SEC clarified that approved securities reports are accessible in the EDGAR system, and all Form 19b-4 approvals are published on the official website and in the official gazette.
The uncertainty surrounding the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) has introduced a level of ambiguity into the market. The absence of a scheduled voting meeting, as reported by Blockworks, suggests that alternative approval methods are being considered.
The upcoming meeting on January 11 provides an opportunity for SEC members to cast their votes, but the possibility of an anonymous vote by SEC Chairman Gary Gensler or the delegation of decision-making authority adds a layer of complexity to the situation. Investors are likely to closely monitor these developments, as any delays or unexpected outcomes could influence market sentiment.
The impact on Bitcoin’s price is contingent on how swiftly and decisively regulatory decisions are made. If a clear path toward approval emerges, it could potentially alleviate uncertainty and contribute to a positive market response.
However, prolonged ambiguity or adverse regulatory decisions may contribute to increased market volatility, potentially putting downward pressure on Bitcoin’s price in the short term.
The current chart analysis suggests that Bitcoin’s price is poised for a potential surge beyond $50,000. The chart indicates a positive trend, indicating upward momentum in the market. However, a crucial factor for sustaining this bullish outlook is the need for the price to remain above the $44,000 mark.
Maintaining this support level is deemed essential to avoid potential downward pressure and to sustain the upward trajectory. Investors and traders closely monitoring these levels should remain vigilant to any fluctuations around the $44,000 threshold, as a breach could introduce increased volatility and potentially jeopardize the anticipated climb above $50,000.