Bitcoin price unfazed by SEC approval of spot BTC ETFs

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The Block2024/01/10 22:03

By:MK Manoylov

The price of bitcoin didn’t immediately react to the Securities and Exchange Commission’s approval of spot bitcoin ETFs on Jan. 10.The price action was far more dramatic yesterday; bitcoin’s price jumped to $48,000 before dropping to $45,000 following a fake announcement from the SEC yesterday.

Bitcoin price unfazed by SEC approval of spot BTC ETFs image 0

The price of bitcoin didn't react much to the Securities and Exchange Commission's approval of spot bitcoin exchange-traded funds (ETFs).

Bitcoin BTC +1.22% 's price traded hands at $45,519 at 4:41 p.m. ET on Jan. 10, shortly after the SEC officially announced the approval of spot bitcoin ETFs. The world's most popular cryptocurrency by market capitalization saw a 1.46% decrease in the last 24 hours, according to The Block's Price Page for bitcoin .

Price of bitcoin following the SEC's approval of spot bitcoin ETFs. Image: The Block's Price Page for bitcoin

Yesterday stole the thunder

On Jan. 9, the SEC's X account was compromised . An unprotected phone number allowed the hacker to gain control of the regulator's account and falsely state that spot bitcoin ETFs had been approved.

Though the SEC soon corrected the narrative, the price of bitcoin jumped to nearly $48,000 before falling to $45,000. This wild price action may have stolen the thunder from today's news.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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