Bitcoin ETF drama finally come to an end after US SEC approved all 11 ETFs. Now everyone can sleep in peace as the long awaited decision is here. Now lets take a look back on what has been happening till now regarding ETFs.
SEC's X account was hacked the day before it approved ETFs. The hacker posted a thread saying that ETFs gets approved. In a very short time the post sent viral and got millions of impressions within minutes.
After hacker's post on X from SEC account , Bitcoin jumped fom $44k to $47k within minutes. People thought it it is real as no one was expecting the account hack.
After few minutes SEC takes back control of their X account and deleted the earlier post about Bitcoin ETF approvals warning people in a new post that they havent approved any Bitcoin ETF and told that their account was hacked.
Bitcoin now fell back where it was before the fake post. People got frustrated over this drama caused by the SEC post. Many people started criticizing Gary Gensler for market manipulation. It was thought that the account isnt hacked and the post about etf approvals was sent on purpose.
People were demanding to fire Gary Gensler meanwhile X officials cleared in a post that the account of SEC was compromised , further it came to know that it was a careless attitude from SEC sude as the account didnt enabled 2FA.
On ten January, finally SEC did approve all 11 ETFs . Now it was hard to believe due the drama created earlier. Everyone was double checking if ots true or not. Finally after multiple confirmations it was confirmed that this time its real.
Hashtag BitcoinETF approved was trending on X as everyone was excited to hear the positive news. Everyone was celebrating Bitcoin ETFs approval. People finally took a sigh of relief.
After the Spot Bitcoin ETFs approval Bitcoin has hit a high of 49k and is now trading back at $46600. It is now moving in the range of $45k to $49k . While altcoins are gaining more momentum for example Ethereum seems outperforming Bitcoin in terms of daily price gain. Some of the altcoins are up %30 to %40.
Bitcoin is not pumping the way people were expecting which is good in my opinion. A slow and organic growth is always best for it.
Bitcoin will grow from here as billions of dollars will be flowing due to ETFs approvals. If you are a holder then wait and see where bitcoin go in the coming days. I am sure you will be happy by doing so.
As bitcoin etfs are now approved now se will see other getting in. If we get ETH etfs and Others also getting in and approved then it would be more good for the crypto industry.
Crypto adoption is already rising and Bitcoin ETF approvals is a big addition in this adoption. We are still early birds and it is good for us. The current Bitcoin price will not be the same in the future. As a crypto enthusiast I am seeing the future is bright.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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