In a startling turn of events, the crypto market faced a rude awakening as the official SEC account fell victim to hacking, disseminating a false announcement regarding the approval of Bitcoin ETFs. The aftermath of this deception saw Bitcoin plummet to as low as $45.4K, shrouding the coin’s future in uncertainty. However, amidst the chaos, altcoins emerged as unexpected winners, experiencing significant surges in value during what can only be described as a multi-day altcoin celebration.
Santiment’s graph revealed a remarkable surge in altcoins, with Ethereum [ETH], AAVE, LDO, and PEPE leading the pack, while Bitcoin suffered a 3% dip. This surge in altcoin values is believed to be a manifestation of traders’ frustration stemming from the deceptive ETF approval announcement.
Crypto traders, who had eagerly anticipated the approval of the United States’ first Bitcoin exchange-traded funds after a decade of waiting, found their hopes dashed by the unfortunate turn of events. Insider sources familiar with the matter earlier suggested that regulatory approval for Bitcoin ETFs might materialize on January 10, providing a glimmer of hope for enthusiasts. Speculation even hinted at the possibility of multiple funds commencing trading as early as Thursday morning.
Crypto Analyst Calls For Accumulation
The revelation of the SEC account hack, where the official X account confirmed compromise due to a lack of two-factor authentication, left the crypto community pondering the regulator’s next move. The hacker exploited a SIM-swap attack to gain unauthorized access and post a false confirmation of a Bitcoin ETF approval, further intensifying the ongoing drama.
As attention turns towards the SEC’s response, market analysts are redirecting their focus to the world of altcoins, boasting a combined market capitalization of over $704 billion. Despite the prevailing emphasis on Bitcoin due to the ETF saga, one analyst predicts that Bitcoin is on the verge of reaching its peak, opening the door for altcoins to stage a significant comeback. The advice given is to accumulate and patiently hold onto altcoins, anticipating a rally once the dust settles from the Bitcoin ETF controversy.