Markets are facing corrections after fake news of an ETF approval sent cryptos pumping. This came as the SEC website was hacked, giving out unauthorized news of an ETF approval. The global market cap has declined by 0.9% from its previous 24-hour mark in the unfolding of this event.
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
Bitcoin Price Analysis
Bitcoin (BTC), at the center of the ETF narrative, has fallen prey to this bearish reversal as the Bitcoin price stood at $45.8K as of press time, having earlier crossed above the $46K level. This represents a 1% increase in the last 24 hours as the weekly rise now drops to 1.6%. The trading volume has dropped by 7% to stand at $38B.
Bears now seem in control of Bitcoin as the Relative Strength Index indicator heads south, suggesting selling pressure on BTC. The MACD indicator is also reverting towards the red zone, backing the bearish prospects on the Bitcoin price.
BTC 1-day chart | Source: TradingView Ethereum Price Analysis
However, Ethereum (ETH) has defied the bear odds to post gains. The Ethereum price stood at $2375 as of press time, representing a 3% increase in the last 24 hours to bring the weekly rise to 0.48%. The trading volume has also jumped by 44% to $17.4B.
The future price trajectory for Ethereum price looks bullish as the Relative Strength Index indicator heads for the oversold region, suggesting buying pressure on ETH. The MACD indicator has also shifted to the green zone, backing the bullish prospects on the Ethereum price.
ETH 1-day chart | Source: TradingView ssv.network Price Analysis
ssv.network (SSV) is another gainer today as the SSV price stood at $8.8 as of press time, representing an 8.7% increase in the last 24 hours as the weekly rise stood at 16%. The trading volume has also jumped by 54% to $77M.
The future price trajectory for ssv.network price is uncertain as the Relative Strength Index indicator heads for the oversold region, suggesting buying pressure on SVV. The MACD indicator, on the other hand, is reverting towards the red zone, suggesting bear action on the SSV price as well.
SSV 1-day chart | Source: TradingView Lido DAO Price Analysis
Lido DAO (LDO) is another gainer today as the LDO price stood at $3.78 as of press time, representing a 17.3% increase in the last 24 hours as the weekly rise stood at 23%. The trading volume has also jumped by 137% to $369M.
Looking at an in-depth analysis of 24-hour LDO/USD charts, the future price trajectory for Lido DAO looks bullish as the Relative Strength Index indicator is headed north as it approaches the overbought region, suggesting buying pressure on Lido DAO. The MACD indicator is also in the green zone, backing the bullish prospects on the Lido DAO price.
LDO 1-day chart | Source: TradingView DAO Maker Price Analysis
DAO Maker (DAO) is our last gainer of the day as the DAO Maker price stood at $1.16 as of press time, representing a 6% increase in the last 24 hours to bring the weekly rise to 1.2%. The trading volume has also jumped by 44% to $190.77B.
However, the future price trajectory for DAO Maker price is uncertain as the Relative Strength Index indicator heads south, suggesting bear pressure on DAO Maker. The MACD indicator, on the other hand, is reverting toward the green zone, showing some bull action.
DAO 1-day chart | Source: TradingView
