“The SEC's Twitter account was compromised and an unauthorized tweet was posted. The SEC has not approved the listing or trading of spot bitcoin exchange-traded products.”
Investors reacted to the post, causing BTC to drop to a session low of $45,017 before stabilizing.
American lawmakers and the crypto community shared their views on the unauthorized publication and its impact on the crypto market.
Senator Cynthia Lummis saying,
“Fraudulent ads, like the one made on SEC social media, can manipulate markets. “We need transparency about what happened.”
Republican Senator Bill Hagerty responded to the SEC Chairman's update: saying,
“Just as the SEC would hold a public company accountable if it made such a colossal market-moving mistake, Congress needs answers about what just happened. This is unacceptable."
There were no posts about X from Senator Elizabeth Warren.
Despite claims of an unauthorized release, markets speculated whether the release came from the SEC.
Eric Balchunas, ETF analyst at Bloomberg Intelligence respondent X users, asking users where they thought the tweet came from. 83.3% of 12,164 votes believed the tweet came from the SEC.
However, the January 5-8 approval window for the first batch of BTC spot ETFs remains open.
Is SEC approval of BTC-Spot ETFs imminent?
The market consensus is that the SEC prepared the planned tweet but put the wrong date. Bloomberg Intelligence ETF analyst James Seyffart shared his views on the tweet: saying,
“Many questions about the moment. “I don't *THINK* the false positive approval tweet will change anything and I have to assume the timing remains the same – we're still waiting for possible approvals tomorrow and for potential trades to begin on Thursday.”
While the SEC's tweet caught investors' attention, attention will be focused on Wednesday's SEC announcement. The approval of the first batch of BTC spot ETFs would be a boon for BTC and the broader crypto market.
Technical analysis
bitcoin analysis
btc was well above 50 and 200 days It's notsending bullish price signals.
A BTC breakout from Tuesday's high of $48,037 would support a break above the $48,178 resistance level to target $50,000.
On Wednesday, the market's attention is focused on the SEC and BTC spot ETFs.
However, a fall through the $45,000 level would put the $44,690 support level into play.
The 14-day RSI reading of 61.34 indicates a BTC break above the $48.178 resistance level before entering overbought territory.
