🚨 Is the fake Bitcoin ETF approval good for crypto? 📉💔

The crypto world was set abuzz on January 9 with news of the long-awaited spot-Bitcoin exchange-traded fund (ETF) approval. However, hopes were quickly dashed as the announcement turned out to be a false alarm. The tweet celebrating the approval was deleted, and SEC Chairman Gary Gensler revealed the SEC's X profile was hacked.

💔 Market Fallout: Liquidation and Lessons Learned

The dissemination of inaccurate information triggered a swift market reaction, leading to the liquidation of over $300 million in Bitcoin (BTC) markets. Despite the disappointment surrounding the disapproval of Blackrock’s ETF, crypto analytics platform Santiment suggests that this event might have marked the market bottom. The post on X highlighted the price movement after two fake SEC approvals, indicating potential lessons from the past.

📊 Bitcoin's Price Movement: A Chart of Turbulence

🤔 Algorithmic Volatility and Future Scenarios

Algorithmic trading quickly induced volatility following the false announcement by the SEC. The key question now is whether this incident will turn into a 'sell-the-news' event or, intriguingly, shine a spotlight on cryptocurrency, potentially contributing to a minor bullish cycle once again.

🔄 TD Sequential Indicator: Anticipating Correction or Resilience?

While not directly linking the fake ETF approval to a 'sell-the-news' scenario, the TD Sequential indicator signals a sell on the weekly Bitcoin chart. According to analyst Ali Martinez, a correction lasting one to four weeks is anticipated before BTC resumes its upward trend.

🌐 Stay Informed, Stay Cautious: Follow The Blockopedia for Real Insights! 🚀🔍

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