Bitcoin Price Decreases Following SEC’s Approval of Spot Bitcoin ETFs
The price of Bitcoin traded at $45,519 on Jan. 10 after the SEC approved spot Bitcoin ETFs. However, the cryptocurrency experienced a 1.46% decrease in the last 24 hours.
SEC Account Compromised, Causing Temporary Price Surge
On Jan. 9, the SEC’s account was hacked due to an unprotected phone number. The hacker falsely claimed that spot Bitcoin ETFs had been approved. As a result, Bitcoin’s price briefly rose to nearly $48,000 before dropping back to $45,000.
Ether Price Rises After Spot Bitcoin ETF Approval
In contrast to Bitcoin, Ether saw a positive reaction to the spot Bitcoin ETF approval. Its price increased from $2,300 to $2,530 following the news.
About the Author
MK Manoylov has been a reporter for The Block since 2020 and has covered various crypto topics. They hold a graduate degree from New York University and have also written for WebMD and Insider.
Hot Take: Crypto Market Reacts to SEC’s Approval of Spot Bitcoin ETFs
The recent approval of spot Bitcoin ETFs by the SEC had mixed effects on the crypto market. While Bitcoin experienced a decrease in price, Ether saw a rally following the news. This highlights the different reactions and dynamics within the cryptocurrency space. It also emphasizes the importance of staying vigilant against hacking attempts and false information that can influence market prices.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.