bitcoinetfs!

#BTC With X account of SEC compromised, will it still approve spot #BitcoinETF💰💰💰 ?
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The financial world was rattled on Jan. 9 when the official X account of the United States Securities and Exchange Commission (SEC) was hacked 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?
Hacks of high-profile government accounts on popular social media platforms like X are not uncommon. As confirmed by the market regulator, it has launched an investigation into the attack, with plans to cooperate with law enforcement agencies.
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 noted that, based on precedent, it would be quite rare for the market regulator to get as far as the stage it is in with #BitcoinETFs! applications 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
The Bitcoin price temporarily rallied above $47,890 following the fake news of the approvals. The coin has dropped and is now changing hands for $45,859.90, down 2.07% in the past 24 hours. The digital currency is likely to see its major breakout moment if an officially certified update about the spot Bitcoin ETF approval is issued.
One of the core projections for a Bitcoin price surge came from Samson Mow, who foresees a $1,000,000 price tag in the long term.

#BTC Peter Schiff might be right about Bitcoin this time
A sudden spike in Bitcoin's price to near $48,000 was abruptly followed by a plunge to around $45,000, after a post by a hacked SEC Twitter account falsely announced the approval of Bitcoin #ETFs .
Renowned Bitcoin and crypto skeptic Peter Schiff has chimed in with a cautionary warning on the situation. Schiff suggests that with the market's anticipation of an actual #BitcoinETF💰💰💰 approval looming, the recent volatility might be a precursor to a more substantial market disappointment.
Bitcoin spiked near $48K then dumped near $45K following a hacked @GaryGensler post announcing the approval of #BitcoinETFs! . An actual approval is expected tomorrow. With so many speculators expecting a rally, it's hard to believe the market will deliver. Better to sell today.
— Peter Schiff (@PeterSchiff) January 9, 2024
He posits that the hack-induced spike and subsequent correction may not be an isolated incident and that the market's tendency to defy speculative expectations could mean that the actual approval, if it happens, will not necessarily translate into the bullish run investors are hoping for.
Schiff's advice to investors is to consider selling today, rather than waiting for the market to potentially "disappoint" upon the real news. This stance, while typically bearish and in line with Schiff's overall sentiment toward Bitcoin, may resonate with traders who try to avoid unnecessary risks.
Schiff's warning points to the possibility of an "overbought" scenario where the hype leading up to the approval has already been priced in, and the actual event could trigger profit-taking rather than further buying.
The underlying message in Schiff’s warning is one of caution. Traders and investors might do well to consider the preexisting market dynamic and the fact that the crypto market has often moved counter to the majority's expectations, especially in the context of high-stakes regulatory developments.
The next few days could prove to be a critical test of whether Bitcoin can sustain its rally after the approval of the long-awaited product or, as Schiff suggests, the market is setting up for a letdown.#OP
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#Write2Earn Nassim Taleb reversed from his pro-Bitcoin stance three years ago all of a sudden, calling #BTC ‘a failure’
Contents
Taleb's arguments against Bitcoin
"Bitcoin failed as hedge against banks"
Scholar and risk managing expert, author of bestselling books, including “Black Swan” and “Antifragile”, Nassim Nicholas Taleb suddenly backed from his pro-Bitcoin position exactly three years ago to become a rigid BTC critic.
It happened a few months before Bitcoin his its first all-time high in 2021 - $63,000.
Taleb's arguments against Bitcoin
In his tweet published on February 12, 2021, Taleb stated that he had began getting rid of his Bitcoin holdings. Explaining why he began to do that, the scholar wrote that “a currency is never supposed to be more volatile than what you buy and sell with it.”
Taleb also pointed out that “you can’t price goods in BTC,” therefore Bitcoin turned out to be a “failure” in that respect.
Another thing that the renowned “Black Swan” author began criticising Bitcoin for was its lack of transparency and the ability to be used for tax evasion and money laundering – Taleb mentioned these criteria as the main factors the appeal of a cryptocurrency depends on. The thing is here, he says then that “BTC is more tractable than cash”. Even gold can be made intractable - “You can anonymize a gold coin by remelting it. You can rework a spoon” but not Bitcoin.
Besides, Taleb pointed out that Bitcoin volatility does not decline over time or even if the price begins to increase.
"Bitcoin failed as hedge against banks"
When asked whether Bitcoin has succeeded as “an asset and a hedge against central bank irresponsibility”, Taleb responded that BTC had failed here as well.
In early 2023, the US was struck with a banking crisis and Silvergate, Silicon Valley Bank, Signature Bank and First Republic Bank crashed; almost all of them were bailed out by the US government.
During these events, the global flagship cryptocurrency surged from $23,000 to over $30,000.
Besides, Taleb never commented on the approval of spot #BitcoinETFs! . According to many market experts, including angel investor Anthony Pompliano, “Wall Street loves Bitcoin” now.
This started when the aforementioned #ETFs got approved a month ago. Two of them have seen $3 billion worth of inflows during the first month of trading among the 5,500 ETFs launched in the past 30 years, according to Pompliano.#TrendingTopic

#BTC Bitcoin ETF approval sparks market concerns, with potential for major corrections and altered cryptocurrency dynamics.
The potential approval of a #BitcoinETFs! by the U.S. Securities and Exchange Commission (SEC) has stirred a mix of optimism and concern among industry experts. While some view this development as a positive step for mainstream adoption, others, like Ran Neuner, founder of Crypto Banter, predict a different trajectory, pointing to a possible downturn in the crypto market.
Market Dynamics Post #BitcoinETF💰💰💰 Announcement
The cryptocurrency market has witnessed a significant surge since the announcement of a possible Bitcoin #etf , spearheaded by BlackRock’s filing on June 16, 2024. This rally has pushed the aggregated market capitalization up by nearly 65%. However, Neuner suggests that this uptrend might be short-lived. He forecasts a potential market correction, which could see Bitcoin prices plummeting to $35,000 and Ethereum dropping below $1,800. According to Neuner, this correction, amounting to a 20% decline, may be imminent as the initial enthusiasm surrounding the ETF wanes.
The weakness observed in altcoins across various segments is evidence of the market’s response to the ETF news. Neuner’s analysis suggests that the market has been over-excited for 203 days since the #ETFNews broke, which might now culminate in a ‘sell-the-news’ event.
Long-term Bullishness Amidst Short-term Concerns
Despite the predicted downturn, the long-term outlook remains optimistic. The 20% correction, as per Neuner, could merely be a phase in the larger bullish trend, indicating the beginning of the next rally in the crypto market. This perspective offers a silver lining to investors, hinting at the potential for recovery and growth post-correction.
Other industry experts echo similar concerns. BitMEX founder Arthur Hayes voices apprehension about the Bitcoin ETF transforming cryptocurrency into another conventional asset class, potentially diminishing the allure of owning physical Bitcoin. This transformation could alter the very nature of cryptocurrency, shifting its unique value proposition.
Regulatory and Legal Implications
Max Keiser, another prominent figure in the cryptocurrency space, brings to light another dimension of the Bitcoin ETF issue. He warns of the potential legal implications, particularly concerning the self-custody of Bitcoin. Keiser suggests that the shift of value into Bitcoin ETFs could jeopardize the legal status of Bitcoin self-custody, presenting an “unwelcome surprise” for the industry.
This viewpoint underlines a crucial aspect of the debate: the legal and regulatory impacts of integrating cryptocurrency into traditional financial products like ETFs. Such integration could change how cryptocurrencies are perceived and regulated, influencing the broader ecosystem.
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