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A crypto week filled with ETF rumors and BTC’s volatility

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TL;DR

  • The crypto industry has grown in the last week with the restoration of Bitcoin’s dominance to a 2-year high – in part fueled by SEC’s approval of BlackRock’s BTC ETF.
  • News of the FTX-SBF trial has taken precedence in the week, with many in the industry on the lookout for what will be the end of the matter.
  • The global economy remains sensitive to key indicators, including services PMIs, labor reports, and central bank actions, as investors navigate market risks.

The crypto week that has been is one filled with rumors and the return of Bitcoin Dominance. The SEC denied these allegations of supporting the Bitcoin exchange-traded funds (EFT) project, which was also confirmed by Blackrock. The fake news posted on X was a catalyst that led to the rise in BTC price, showing how the news played a huge role in pumping the asset’s market value. 

The crypto world is often prone to market spikes, and this is attributed to its volatility that’s caused by news or various financial movements. Recent evidence of this was noted in Bitcoin’s price last week, which was a result of a fake news report on the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC)

Crypto X posts on the ETF development

Bitcoin holders have seen a profitable week following the flood of announcements this week, among them being the mistaken news on SEC approval of Bitcoin ETF. The Exchange-Traded Funds have been anticipated by the crypto community, and news on the possibility of its approval sent shockwaves in the bitcoin community, leading to an increase in its price, recording an intraday spike of 10% on Monday. 

The misleading publication was reported by Cointelegraph, and the tweet was deleted 30 minutes later. This was enough to spike BTC’s price. However, the platform apologized and deployed the source of the false information. This event attracted a storm of reviews in the crypto community, especially on social platforms, including X.

Cointelegraph also owned up to the situation and expressed an apology via X. They explained the source of the information, stating an investigation is underway. Crypto funds imagined the reactions of the US Securities and Exchange Commission’s (SEC’s) Chair Gray Gensler’s reaction to the whole event. 

Sentiments on the matter flooded on X as digital currency enthusiasts called out the Chair’s reaction to the fake news market spike. According to Napgone, another crypto enthusiast on X, the post explained statements made by Gray G and quoted, Until we have the culprit in jail from Monday’s $BTC news manipulation scheme, there are not sufficient surveillance measures to prevent manipulation.”

Other trending crypto news

Other news on crypto events include the ongoing trial of former FTX CEO Sam Bankman-Fried on his alleged fund embezzlement. Among the crypto fans following the case was Adam Cochran, another renowned crypto enthusiast. 

His comments on the matter highlighted the defense team trying to employ delaying tactics. This followed their appeal for effective altruism that was keenly directed by the prosecution, stating its relevance to the current case on trial. 

Chinese blockchain journalist Colin Wu also flagged some worrying money flows in Bitrace, a British exchange. This was a record of 3.44 billion TRC20 USDT that flowed into the OTC address, inclusive of 14.7% of online-related USDT. 

Joseph Cox, the 404 Media journalist, lamented in his expose about ACG. This is a group of corn artists and cybercriminals that the FBI blames for the spate of SIM swap attacks.  

ZachXBT also revealed a potential gig on Thursday on his nomination as a candidate for Polygon’s new protocol council. He commented on his view about his candidate selection, stating his focus on crypto development after his approval. 

LBRY Protocol was reportedly closed following its court ruling on Thursday. The platform was a popular file-sharing project that was found guilty of violating US security laws. The Rillington was clear, stating  “is permanently restrained and enjoined from participating, directly or indirectly, in any unregistered crypto asset securities offering.”

The recent news on X has been influenced by happenings in the crypto world that have sent ripples all over the digital space. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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