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The Bitcoin price has tumbled 2% in the last 24 hours to trade for $45,621 as of 4:55 a.m. EST, with a 7% drop in trading volume.
The slump comes in the aftermath of an eventful afternoon during the New York trading session, when the official X account of the US Securities and Exchange Commission (SEC) was hacked.
The attacker released a fake announcement on the account that said spot Bitcoin ETFs (exchange-traded funds) were approved. SEC chair Gary Gensler quickly said there had been a hack and confirmed the announcement was fake.
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
Social media giant X blamed the hack on the SEC, saying its account lacked two-factor authentication (2FA).
We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number…
— Safety (@Safety) January 10, 2024
With this, the SEC has committed to investigate the attack. Coinbase offered help.
The entire @coinbase team offers its help. We are committed to doing our part to ensure fair, orderly and efficient markets for all Americans. https://t.co/eYI8mQtmCT
— paulgrewal.eth (@iampaulgrewal) January 10, 2024
Bitcoin Price Outlook As The SEC Probes Fake BTC ETF Approval Announcement Incident
As the financial regulator looks into the hacking incident, Bitcoin price remains bullish. This is because experts still believe the financial regulator will approve spot Bitcoin ETFs on Wednesday with trading expected to begin on Thursday.
But the upside potential of Bitcoin price could be exhausted. This assumption is based on the immediate reaction of Bitcoin price following the fake approval announcement. The king of crypto climbed barely 4% to hit a high of $47,972.
Nevertheless, the odds still favor the upside. The 50-, 100-, and 200-day Simple Moving Averages (SMA) provide support for Bitcoin price at $42,078, $37,297, and $32,762. The Awesome Oscillator (AO) also shows green histogram bars in the positive territory to show that the bulls maintain a strong presence in the BTC market.
Converse Case
On the other hand, the outlook of the Relative Strength Index (RSI) shows that momentum is fading, with the RSI likely to fall below the 50 mean level soon. Such a move could see the bears take control of the BTC market.
If the bears have their way, Bitcoin price could drop below the critical support offered by the midline of the weekly supply zone at $43,860. A break and close below this level would confirm the continuation of the downtrend. An extended fall could see BTC test the 50-day SMA at $42,078, or lower, towards the support confluence provided by the horizontal line and the 100-dy SMA around $37,800.
In the dire case, Bitcoin price could descend to the $30,000 psychological level, below which the big-picture bullish thesis would be invalidated.
Elsewhere, investors have already started to look to BTCMTX, a stake-to-mine project committed to making Bitcoin ownership achievable even for the ordinary folk. The project is thriving, shattering past the $8 million mark in sales as investors look for ways to ride the next Bitcoin bull run.
Big News Alert! 📣#BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
Promising Alternative To Bitcoin
Standing among analysts’ top choices for the best Web 3 projects, BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, a cloud-mining project that commits to making BTC ownership a reality. To this end, it has decentralized and tokenized the process, providing a new way to mine Bitcoin by redeeming credits.
Do you follow the idea of #CloudMining for $BTC? 🌟⚒️
It’s a way to mine #Bitcoin without the hassle of owning hardware.
💰 No need for upfront costs on equipment.
🔧 Only basic tech know-how is required. pic.twitter.com/MavCGFFphW— Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
Bitcoin Minetrix is changing the game in cloud mining with the BTCMTX tokens, ensuring top-notch security and absolute transparency. It has simplified the process like never before, presenting a reliable cloud mining solution for the entire cryptocurrency community.
#BTCMTX presents a reliable cloud mining solution for the entire #CryptoCommunity. 🌟
Previous worries regarding expensive hardware and deceptive cloud mining schemes have discouraged numerous individuals.
This decentralized approach guarantees a protected mining adventure. 🔐 pic.twitter.com/n0I9rNyxr6
— Bitcoinminetrix (@bitcoinminetrix) January 7, 2024
The project is in the eighteenth stage of the presale, where investors can buy BTCMTX for only $0.0127. So far, presale sales have breached the $8.054 million market, with the aforementioned price tag only lasting for the next 22 hours before the price rises. This means it is your last chance to buy BTCMTX at low rates.
#BitcoinMinetrix Stage 18 has begun! 🚀
Can you share your first experience buying or using #Bitcoin? 💭 pic.twitter.com/2VhDD2NdK2
— Bitcoinminetrix (@bitcoinminetrix) January 6, 2024
Visit Bitcoin Minetrix website to buy BTCMTX in the presale here as analysts anticipate big returns for the project.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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