On Tuesday, the Securities and Change Fee’s (SEC) official X account was apparently hacked, with a tweet falsely claiming that Bitcoin ETF functions had been authorized. The following chaos following the false tweet demonstrated the continued anticipation surrounding this long-awaited growth.
The Bitcoin price shot up on the information earlier than sliding again down after SEC Chair Gary Gensler clarified no approvals had actually been granted. When the faux tweet hit, bitcoin rapidly rallied previous $48,000 earlier than retreating to round $45,000 after the SEC’s denial.
Whereas the outlook for an SEC-approved ETF remains to be unsure, some buyers will not be ready idly by. Final month, Bitcoin ETF Token (BTCETF) launched on Uniswap following a extremely profitable crypto presale marketing campaign. BTCETF seeks to provide merchants speculative publicity to the potential impacts of a future Bitcoin ETF coming to market.
How do you are feeling in regards to the @SECGov #Twitter account being compromised yesterday and posting an unauthorized tweet in regards to the #SEC approving the itemizing and buying and selling of the spot #Bitcoin #ETF?
— BTCETF_Token (@BTCETF_Token) January 10, 2024
New Bitcoin ETF Token Seeks First-Mover Benefit
BTCETF is the primary and solely token to launch into the market with a design that’s hooked into the information stream, product growth, and efficiency of the forthcoming spot Bitcoin ETFs. BTCETF was additionally designed with a transaction tax and burn mechanism that will get altered when milestones associated to an actual Bitcoin ETF are achieved.
The milestones are all tied to anticipated progress and adoption of precise Bitcoin ETFs equivalent to:
- BTCETF reaching $1 million in buying and selling quantity
- SEC approval of a spot BTC ETF
- Official launch of a BTC ETF
- BTC ETF property below administration exceeding $1 billion
- Bitcoin value closing above $100K
This construction provides BTCETF upside leverage to main occasions anticipated to coincide with a Bitcoin ETF coming to market.
— BTCETF_Token (@BTCETF_Token) January 9, 2024
BTCETF backers tout it as an uneven alternative. They imagine SEC approval could easily spur a doubling or tripling of Bitcoin costs in 2024. In the meantime, BTCETF theoretically has room to surge 10x from its present $12.45 million market cap, according to crypto analyst ClayBro.
The SEC has provided combined indicators on its pondering round a Bitcoin ETF up to now. Whereas approval might speed up institutional adoption, the impacts on the Bitcoin value and the broader crypto markets are debated. For now, the launch of BTCETF provides merchants an early automobile to wager on this eventuality.