walknote.eu.org - The cryptocurrency market experienced a sharp correction on Tuesday, January 9, 2024, triggered by a false social media post from an account claiming to be the U.S. Securities and Exchange Commission (SEC). The post falsely announced the approval of a Bitcoin Spot ETF by the SEC. CNBC reported on Wednesday (10/1/2024) that the SEC promptly deleted the post, clarifying that their X account had been compromised, and no approval had been granted for the ETF.
Bitcoin initially surged to a high of USD 47,901, equivalent to approximately IDR 744.1 million (assuming an exchange rate of IDR 15,535 per US dollar), reaching its highest level since March 2022. However, the prices quickly retracted to USD 44,816 or approximately IDR 696.1 million.
Investors eagerly awaited the SEC's official statement regarding the Bitcoin Spot ETF, with some hoping for an early decision. Wednesday marked the deadline for the SEC to approve or reject the application for the Ark 21Shares Bitcoin spot ETF. There was widespread belief that the SEC would approve multiple applications simultaneously.
Bitcoin had been trading below the USD 47,000 mark, or roughly IDR 730.1 million, for most of Tuesday, having surpassed this level just the day before for the first time since April 2022. The renewed filing by the SEC for a Bitcoin ETF had strengthened investor confidence in an inevitable approval.
Some investors expressed concerns that the initial market reaction to the approval might have been exaggerated and could potentially be a noteworthy event. Over the past three months, Bitcoin had seen a remarkable 60% increase in value, driven mainly by the hype surrounding ETFs.
Additionally, investors had accrued significant unrealized gains, a trend historically preceding price corrections, as indicated by data from CryptoQuant.
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Cryptocurrency Prices on January 10, 2024
As reported earlier, Bitcoin and other top cryptocurrencies exhibited various movements on Wednesday, January 10, 2024, with the majority of top-ranking cryptocurrencies observed in the red zone.
According to data from Coinmarketcap, Bitcoin (BTC), the cryptocurrency with the largest market capitalization, experienced a decline of 1.74% in the last 24 hours but still registered a 2.45% weekly gain. The current price of Bitcoin stands at USD 46,091 or approximately IDR 716 million (assuming an exchange rate of IDR 15,535 per US dollar).
Ethereum (ETH) also witnessed a decline, with a 0.17% drop in the last 24 hours and a 0.99% decrease over the week. As a result, ETH is currently priced at IDR 36.2 million per coin.
Binance Coin (BNB) faced a similar downturn, with a 1.80% correction in the last 24 hours and a 3.75% decrease over the week. This puts BNB at a price of IDR 4.66 million per coin.
Cardano (ADA) returned to the red zone, experiencing a 5.59% drop in the last 24 hours and a 16.11% decrease over the week. ADA is now priced at IDR 7,928 per coin.
Solana (SOL), on the other hand, continued its upward trend, with a 0.33% daily increase but still facing an 8.38% decline over the week. The current price of SOL is IDR 1.53 million per coin.
XRP re-entered the red zone with a 1.71% decline in the last 24 hours and a 9.17% decrease over the week. XRP is now priced at IDR 8,859 per coin.
Dogecoin (DOGE), the meme coin, experienced a 3.03% drop in the last day and a 13.46% decrease over the week. DOGE is now traded at IDR 1,262 per token.
Stablecoins Tether (USDT) and USD Coin (USDC) both gained 0.01% in the last 24 hours, maintaining their prices at USD 1.00.
Binance USD (BUSD) also recorded a 0.01% gain in the last 24 hours, keeping its price at USD 1.00.
The total cryptocurrency market capitalization on this day stood at USD 1.69 trillion or approximately IDR 26,258 trillion.
SEC Rejects New Crypto Regulations
In a development reported earlier, on Friday, December 15, 2023, the U.S. Securities and Exchange Commission (SEC) rejected a petition from Coinbase Global seeking new regulations for the digital asset sector. The largest crypto exchange in the country subsequently opposed this decision in court.
The five-member commission, in a 3-2 vote, stated that they would not propose new regulations, citing their fundamental disagreement that the existing regulations could not be applied effectively to the crypto space. Coinbase announced its intention to challenge the SEC's decision in federal court.
This dispute is the latest episode in the ongoing tension between the crypto sector and the major regulatory bodies in the United States, which have consistently maintained that most crypto tokens are securities and fall under their jurisdiction.
The SEC has filed lawsuits against several crypto companies, including Coinbase, for listing and trading crypto tokens that, according to the SEC, should be registered as securities.
SEC Chairman Gary Gensler, in a separate statement supporting the decision, emphasized that existing laws and regulations apply to the crypto securities market, as reported by Yahoo Finance on Friday (22/12/2023).
Shortly after, Coinbase informed the federal appeals court in Philadelphia about its plans to seek a review of the SEC's rejection. Coinbase argued that the SEC's decision was "arbitrary and capricious" and constituted an "abuse of discretion," according to a court filing shared on the X social media platform.
In 2022, the company pressed the SEC to establish a specific set of rules for the crypto sector, arguing that existing U.S. securities laws were inadequate. In April, Coinbase filed an appeal to a judge to compel the SEC to respond to their petition.
The court stated that it would not force the agency to act, considering the SEC had promised to respond to Coinbase's petition. The crypto company expressed the need for a clearer understanding of when the SEC views digital assets as securities. (wp)
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