BTC ETF Fakeout, Ripple Buyback
The SEC caused a stir yesterday when it erroneously tweeted about approving a Bitcoin ETF post-market close, which was quickly rectified by SEC Chair Gensler, who stated that it had not been approved and the SEC’s Twitter account had been hacked. Many thought the tweet was a premature official announcement, but it was confirmed as a security breach. Despite this incident potentially tarnishing the SEC’s reputation, it’s unlikely to affect the decision on Bitcoin ETFs. The SEC is compelled to decide on the Ark/21Shares application today without the possibility of delay, and approval orders are expected post-market close, especially in light of the Grayscale court decision. Approval could lead to trading as early as tomorrow morning. Interestingly, while the false news led to a downturn in Bitcoin (-1.7%), ETH experienced a significant rally (+7.5%), which could suggest a shift in focus to Ethereum ETFs, which are next in line for consideration in May. Ethereum-based tokens experienced a significant uptick in the last 24 hours, with liquid-staking token LDO surging by over 16% and scaling solution ARB -0.31% jumping nearly 19%. U.S. equities showed a modest increase as investors anticipated the upcoming release of new U.S. inflation figures and earnings reports.
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