NFT Sales Jump 12% After Rumors About Bitcoin ETFs Approval Went Viral

Updated: 10 January 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Hackers and scammers remain relentless in attacking the crypto community and its associates, including its regulatory agencies. This time around, hackers have compromised the social media account belonging to the United States Securities and Exchange Commission to spread false Bitcoin EFTs approval.

Hacker creates account on @rollbitcom , names it after Gary Gensler, hacks the SEC Twitter account, creates post that bitcoin ETF is approved, places that $20,000 futures bet longing #btc with 1000 X leverage, closes position over $1 million profit. SEC regains control of… pic.twitter.com/E243Vxuv9F

— koolcaleb.eth (@theKoolCaleb) January 9, 2024

On January 09, notorious hackers compromised the United States Securities and Exchange Commission account on X (formerly known as Twitter) and spread a false statement the regulatory commission had approved some of the Bitcoin Exchange-Traded Funds applications (ETFs).

ICYMI: The SEC twitter account was hacked and posted saying the BTC ETFs were approved 👀 pic.twitter.com/TlOwpN9epj

— Crypto Crib (@Crypto_Crib_) January 10, 2024

Bitcoin Exchange-Traded Fund Explained

In recent weeks, the exchange-traded fund has become the most talked about narrative in the crypto and non-fungible token communities. By description, an exchange-traded fund (ETF) is a basket of securities that trades on an exchange just like a regular stock does.

Nonetheless, ETF share prices fluctuate daily as the ETF is bought and sold. In that context, exchange-traded funds are slightly different from mutual stock funds, which only trade once a day after the market closes. Investment companies await regulatory approval to offer their investors this highly anticipated investment mode.

The United States Securities and Exchange Commission has until the end of business today to give their deliberations on some of the Bitcoin Exchange-traded Funds applications tabled before its jurisdictions. The regulatory commission’s deliberations will be a significant milestone in the larger crypto industry.

The crypto market has reacted sharply to the false announcement, with the flagship crypto, Bitcoin, pumping above the $46,000 market level. At the time of writing, Bitcoin price is consolidating at $45,944. Bitcoin price is down 0.38% today from the previous day.

NFT Sales Jump 12% In The Past 24 Hours

On the other hand, the global non-fungible token market has also reacted sharply to the false rumours about the approval of Bitcoin exchange-traded funds. According to cryptoslam.io, an on-chain data aggregator, the global NFT market has spiked 12% following the false bullish news alongside other factors.

In the past 24 hours, the global NFT market has amassed a trading sales volume of $44 million, with Bitcoin-based NFTs leading the streak. During this period, Bitcoin-based NFTs have raised a trading sales volume of $17 million, representing a 6.99% spike from the previous day.

Source: Cryptoslam.io, Blockchain NFT sales

It’s worth noting that the non-fungible token market has a strange and robust relationship with the crypto market, similar to that of a parent and child. In that context, whatever impacts the crypto market automatically impacts the NFT market.

In the meantime, the security team from X has investigated the matter and confirmed that the US Securities and Exchange Commission’s x account was compromised because it did not have two-factor authentication enabled. X’s special security team has urged users to enable this extra layer of security.

BREAKING: 𝕏 confirms the SEC account was compromised and the account did not have two-factor authentication enabled. pic.twitter.com/Wltf1b8u4o

— Bitcoin Magazine (@BitcoinMagazine) January 10, 2024