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A wave of confusion swept the cryptocurrency markets after the US SEC’s cybersecurity blunder on Account X. Bitcoin is currently trading at $45,900 and a decision on the ETF is still uncertain.
Let’s see how the Bitcoin price may react next.
Anxiety grows due to ETF’s false start
On January 9, the official US SEC This news caused the price of Bitcoin to rise to around $47.9K.
However, the excitement was short-lived as uncertainty and confusion set in, and the price quickly fell to $45.4K in 5 minutes.
Unfortunately for the Bitcoin bulls, the SEC amended its statement, claiming that the account had been hacked.
Upon investigation, User
It was confirmed that two-step authentication (2FA) was not applied to the account.
However, market sentiment remains skeptical about the motivation behind the attack.
Analyst UK HODL believes that either SEC staff announced the decision early by mistake or that it was a diversionary market manipulation tactic by the agency.
But the volatility caused by the turmoil has sparked optimism among some speculators.
CC15 Capital “Both leveraged buying and leveraged selling were wiped out due to the fake Bitcoin ETF tweet. Now everything is clear up to $50,000 and above.”
Following the SEC’s woes, analyst Kun highlighted the strength of other risky assets.
Kun said that gold and the SP500 have recently hit all-time highs, suggesting that Bitcoin’s future trajectory will also be bullish.
He also warned inventors “not to be short-sighted about everyday things,” arguing that this should be left to day traders.
However, Sampson Mow pointed out that this announcement could create anxiety in the market.
It is important to note that the market’s reaction to the SEC’s announcement may not be as strong as it would have been if the hack had not occurred.
However, despite this turmoil, some altcoins are still performing well. Among them is Bitcoin Minetrix, which raised more than $8 million in presales.
Bitcoin Minetrix presale reaches $8. Million Dollar Presale
Bitcoin Minetrix is a cryptocurrency project on Ethereum that allows users to mine Bitcoin.
To achieve this, users stake BTCMTX tokens and exchange them for Bitcoin mining credits that can be burned for BTC cloud mining power.
Anyone can start mining Bitcoin, regardless of technical knowledge or availability of expensive hardware.
This use case also eliminates the risk of cloud mining fraud, which has become a major concern in the industry.
Bitcoin Minetrix provides a more environmentally friendly way to mine Bitcoin without space and noise constraints.
BTCMTX plays a central role in operations and provides user benefits that can drive demand.
Meanwhile, BTCMTX supply is limited as many tokens are locked up for staking rewards, which are mostly paid out in mining credits rather than the tokens themselves.
The combination of increased demand and limited supply can have a positive impact on prices.
Analyst Jacob Bury supported the coin’s rally. Meanwhile, the project has been featured in major media outlets, including crypto.news.
The current Bitcoin Minetrix pre-sale price is $0.0127.
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