False Bitcoin ETF approval causes crypto turmoil and market confusion.
SEC clarifies unauthorized post, denying approval for spot bitcoin exchange-traded products.
Doctor Profit warns of correction, emphasizing the importance of predicting price action.
The cryptocurrency community experienced a rollercoaster of emotions as a false announcement regarding the approval of the highly-anticipated Spot ETF circulated. The official SEC page on TwitterX initially posted about the Bitcoin ETF approval, leading to excitement within the community and vigilant chart monitoring.
This industry is a clown show. pic.twitter.com/L1GuM0GVid
— Miles Deutscher (@milesdeutscher) January 9, 2024
However, joy turned to disappointment when the post was taken down, citing a hack of the official SEC TwitterX account and an unauthorized post. The U.S. Securities and Exchange Commission (SEC) clarified that they had not approved the listing and trading of spot bitcoin exchange-traded products.
In response to the unexpected turn of events, renowned crypto predictor Doctor Profit emphasized the importance of predicting price action over news in trading. He admitted to being wrong in expecting the SEC to reject the ETF and warned of a correction in the 48-52k region, cautioning top buyers about potential losses.
Trading is about predicting price action not news. I was wrong expecting that SEC will reject the ETFNo matter what you will see the correction starting from this region between 48-52kDo whatever you want with this information. Blood awaits the top buyers
— Doctor Profit (@DrProfitCrypto) January 9, 2024
With the fake approval post, Doctor Profit’s initial prediction about a possible rejection by the SEC still looms. The crypto community is left speculating about the impact of the Bitcoin ETF narrative and anticipates another correction before clear green signals for the market.
Another interesting note to make is Jim Cramer’s prediction about Bitcoin going from bullish to bearing actions. In fact, this prediction was made just before the latest development in the Bitcoin ETF approval narrative.
In conclusion, the false approval announcement has brought confusion and uncertainty, highlighting the need for caution and skepticism in the crypto space. As thought leaders analyze the situation, the community remains on edge, awaiting genuine developments in the Bitcoin ETF saga.
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The post False Bitcoin ETF Approval Causes Further Damage to Crypto Market appeared first on Crypto News Land.
