Bitcoin Stabilizes Above $45,500 Amidst SEC’s Twitter Hack Chaos

• The twitter account of the U.S SEC was compromised by hackers, claiming all ETFs approval.
• The result was a liquidation of more than $140 million within a few hours.

The crypto community is eagerly waiting for the SEC to announce its verdict on the spot Bitcoin ETF. Today, January 10, is the last day for the SEC to decide whether to accept or reject the ARK 21Shares Bitcoin ETF (ARKB). According to industry experts, the 11 spot Bitcoin ETFs’ prospectuses will likely be approved simultaneously.

The twitter account of the U.S SEC was compromised by hackers, who then made false postings claiming that all Bitcoin ETFs had been approved. Spot bitcoin exchange-traded products have not been authorized for listing or trading, as quickly announced by SEC Chair Gary Gensler. The result was a liquidation of more than $140 million within a few hours.

The precipitous decline in the value of the cryptocurrency was predictable. With millions of dollars in liquidations, Bitcoin’s price climbed from $46,700 to $48,000 before crashing to $45,300 zone in a matter of minutes. Curiously, ETH remained strong, rising over $2,400 after a 5% daily gain, while other altcoins are trading in red.

High Volatility Expected

In the last 13 weeks, the price of Bitcoin has increased from $27,000 to $47,000, a 70% increase. Along with retail traders cashing in on gains at times of extreme volatility, there may be selling pressure from Bitcoin miners who are transferring their holdings to centralized exchanges.

At the time of writing, Bitcoin is trading at $45,646, down 1.89% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 5.26%. If the price manages to go below $45,410 then the price will likely decline further to test $43,330 support level. However, if the price manages to go above $46,210 then it will likely test $46,980 resistance level.