The deadline day for the highly anticipated Bitcoin spot ETF approval is officially here, and traders are sitting on the edge of their seats as they wait for the announcement.
The day started with drama after the official SEC account was hacked to Tweet that all Bitcoin ETFs had been approved.
Unfortunately, the news was later reported to be fake, causing major volatility within Bitcoin.
Despite the volatility, Bitcoin Minetrix ($BTCMTX) continues turning heads after sailing past the $8 million fundraising milestone today.
Here’s everything we can expect on deadline day.
What you'll learn 👉
Bitcoin Sees Major Volatility After SEC X Account Hacked With False Approval Tweet
Bitcoin saw significant volatility over the past 24 hours after the SEC’s Twitter account was hacked, and a post was made stating that all Bitcoin ETFs were approved.
The post was up for ten minutes before it was finally deleted.
SEC Chair Gary Gensler quickly Tweeted on his account, stating that the news was false as the SEC’s official Twitter account had been hacked and that the SEC had not approved the listing and trading of spot Bitcoin ETFs;
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.— Gary Gensler (@GaryGensler) January 9, 2024
The false report caused major volatility within the cryptocurrency market after Bitcoin initially spiked higher to reach a fresh yearly high at $47,900 before reversing and dipping as low as $44,900.
The market has somewhat recovered as Bitcoin trades around $46,000 at the time of writing.
Elon Weighs In: Unsecured Phone Led to SEC X Hack
Elon Musk has also weighed in on the drama, as the false report came from the platform under his ownership.
According to Musk, the SEC did not utilize basic security measures on its X (formerly Twitter) account, allowing it to be compromised by hackers.
The X’s safety team had conducted an investigation into the hack and determined that the hacker did not breach the X system. Instead, the hacker obtained control over a phone number associated with the SEC X account, allowing them to gain access.
This brings serious concerns about the SEC’s security practices on social media.
Bitcoin Price Analysis: Is $50K Incoming Today?
With the official announcement expected later today, many traders wonder how high Bitcoin could surge – some predict a $50,000 by the end of the day.
The anticipation and FOMO have already caused Bitcoin to break above the December consolidation;
Looking ahead, the first strong resistance toward the upside lies at $48,285 – provided by the 2022 highs. This is then followed by the resistance at the $50,000 level.
Beyond $50,000, higher resistance is located at $52,145, $52,900 (1.414 Fib Extension), $55,400, and $57,000.
Bitcoin Minetrix ($BTCMTX) Continues Rising Despite Volatility – $8 Million Raised.
With the volatility and excitement growing in the market, traders are starting to turn their attention to newly emerging alternatives capable of producing remarkably higher returns for much smaller capital investments.
In particular, Bitcoin Minetrix ($BTCMTX) continues turning heads as it crosses the $8 million fundraising milestone despite the volatility in the market this week.
The ability to cross the $8 million milestone during a volatile week shows investors’ confidence in the project as the momentum grows.
Bitcoin Minextrix ($BTCMTX) is a project that helps everyday users mine Bitcoin through a groundbreaking stake-to-mine concept.
With the swiftly approaching Bitcoin block halving, many traders are looking to diversify and capitalize on the event – with Bitcoin Minetrix as one of the primary plays for growth.
The project seeks to redefine the cloud mining sector by decentralizing it through tokenization.
Tokenization will help to remove prevalent mining scams such as long-term mining contracts and significantly reduced earnings.
Miners simply have to buy and stake $BTCMTX to earn Mining Credits, which can be burnt in exchange for mining time on the Bitcoin Minetrix system.
Given its impressive market entrance, it’s clear that early backers are expecting Bitcoin Minetrix to be a disruptive force in the mining space.
Furthermore, Bitcoin Minetrix also includes a staking system to allow $BTCMTX holders to earn additional rewards – effectively doubling the passive income in the ecosystem.
The Bitcoin Minetrix presale continues gaining momentum, providing an excellent opportunity to get positioned as an early adopter.
The token can currently be purchased for $0.0127. However, the rising pricing strategy means that the cost for $BTCMTX will rise in just 24 hours.
Overall, $BTCMTX is one of the stand-out projects to look forward to in the next Bitcoin narrative surrounding the mining block halving.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.