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SEC Twitter Account Hacked, False Bitcoin ETF Approval Announced

Despite the false announcement, the SEC is expected to approve the first spot Bitcoin ETFs this week, sparking competition among providers on fee structures.

Overview

  • The U.S. Securities and Exchange Commission's (SEC) Twitter account was hacked, leading to a false announcement of approval for Bitcoin ETFs.
  • The false announcement caused a brief surge in Bitcoin prices, which later fell.
  • Despite the false announcement, the SEC is expected to approve the first spot Bitcoin ETFs this week, with firms like BlackRock, Fidelity Investments, and Franklin Templeton among the applicants.
  • ETF providers are competing on fee structures, with some offering lower-than-usual fees or waiving fees for a certain period or until a certain investment threshold is reached.
  • VanEck CEO Jan van Eck predicts that the approval of Bitcoin ETFs will not result in a 'winner-take-all' market, with market share expected to be distributed among multiple winners.