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👀 Bitcoin ETF Proving to be "Sell-the-News" Event
The Defiant Daily
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Today will likely make crypto history. After a decade waiting for a spot Bitcoin ETF, all signs show today will be when it finally happens. Analysts expect the decision from the SEC to approve the first-ever spot Bitcoin ETF will come at around 4pm ET. This being crypto though, the road here has been WILD, with the SEC pre-empting its own announcement on Twitter yesterday after their account was supposedly hacked.
The failed SEC tweet gave us a glimpse on how the market will react, and it appears the long-awaited spot Bitcoin ETF was a sell-the news event, as BTC just briefly rose, before falling on the fake tweet. Meanwhile, ETH is outperforming after weeks of lagging the largest cryptocurrency.
✍️ In today’s newsletter:
- BTC drops, ETH gains after fake SEC tweet
- Gensler Said SEC's Twitter is "Compromised"
- Fox Launches Protocol for Content Verification
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $46,936 | ↗ 6.96% |
| ETH | $2,332 | ↗ 5.02% |
| S&P 500 | $4,756 | ↙ -0.15% |
| GOLD | $2,026 | ↙ -0.01% |
| Arch WEB3 | 1.19pts | ↙ -2.26% |
| ↳ FINANCE | 1.16pts | ↙ -0.08% |
| ↳ INFRA | 1.28pts | ↙ -3.69% |
| ↳ CONSUMER | 1.30pts | ↙ -5.55% |
Learn more about Arch Indices here.
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Bitcoin ETF
SEC's Twitter Blunder Shows Bitcoin ETF Approval May Be a "Sell-the-News" Event
TLDR Bitcoin traders got a brief glimpse at how the market would react if the U.S. Securities and Exchange Commission approves the spot Bitcoin ETF thanks to the SEC’s failed tweet, and it appears it was a “sell the news” event. BTC jumped above $47,800 before dropping to around $45,600 when the SEC posted on X that the spot Bitcoin ETF has been approved. The digital asset was trading at $46,700 before the SEC’s tweet.
SO WHAT In the lead up to the expected Bitcoin ETF approval, traders have questioned whether optimism that institutional investors will now be able to easily access Bitcoin thanks to a spot ETF has been already incorporated in the Bitcoin price. If that were the case, then traders would likely sell BTC upon confirmation of the approval, or “sell the news.”
READ MORE: SEC's Twitter Blunder Shows Bitcoin ETF Approval May Be a "Sell-the-News" Event
Bitcoin ETF
Gensler Said SEC's Twitter is "Compromised" After Account Announced Bitcoin ETF Approval
TLDR U.S. Securities and Exchange Commission (SEC) had to retract a tweet announcing the approval of the spot Bitcoin ETF, saying their account had been "compromised."
SO WHAT The fake announcement sparked speculation on whether the SEC's twitter account had really been hacked, or if instead, it had published a planned tweet on the wrong date. It's ironic coming from an agency who loves to talk about how easily crypto investors can be scammed and hacked. In any case, there is market consensus the official approval will be announced later today.
READ MORE: Gensler Said SEC's Twitter is "Compromised" After Account Announced Bitcoin ETF Approval
Polygon
Fox Launches Protocol for Content Verification on Polygon
TLDR Fox Corp. today announced the beta release of an open-source protocol built on the Polygon proof-of-stake network, to help media companies prove the provenance of content.
SO WHAT The development signals that media companies consider the blockchain a worthwhile medium to combat the explosion of AI-generated content which spread across the internet in 2023.
READ MORE: Fox Launches Protocol for Content Verification on Polygon
🔎 OUR REPORTERS ARE WATCHING
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