Bitcoin ETF Approval Within 24 Hours? Youtuber Stirs Controversy!

In a tweet that has stirred up both excitement and controversy among cryptocurrency enthusiasts, YouTuber That Martini Guy claims that a Bitcoin ETF approval is “reportedly expected within 24 hours.” While some celebrate this as a major development, others express doubt about its credibility due to a lack of reliable sources and concerns about market manipulation.

What’s the real deal here? Let’s explore.

SEC Hints at Bitcoin ETF Approval

The rumor has gained attention following recent statements from SEC Chairman Gary Gensler, who confirmed that the SEC is currently reviewing a substantial number of spot Bitcoin ETF applications, somewhere around 8 to 10 of them. These remarks have significantly impacted Bitcoin’s price and trading volume in the past week, indicating that some traders are preparing for the possibility of an ETF approval.

Mixed Responses to Martini Guy’s Tweet

Martini Guy’s tweet has triggered a range of reactions. One user raised concerns about the absence of credible sources and suggested that this behavior could potentially be viewed as market manipulation. Another wondered if this tweet was merely an attempt to generate engagement.

Bitcoin’s Current Status

Currently, Bitcoin is trading at $36,000 and is hinting at the possibility of reaching an all-time high. Trading volumes have risen, and technical indicators suggest that Bitcoin could achieve higher values.

Balancing Hope with Caution

Amid the optimism, especially among traders with long positions, there’s a concern that a “sell-the-news” event could follow ETF approval. Experts like Hayden Hughes, co-founder of Alpha Impact, suggest that the market may have already factored in the expected approval. This anticipation could lead to profit-taking and subsequent price drops once the news is officially confirmed.

Bitcoin’s Rise

The increase in Bitcoin’s value is happening in a time of worldwide uncertainty, marked by rising Treasury yields and geopolitical risks. Despite these challenges, Bitcoin has outperformed traditional investment options and established itself as a digital store of value. However, it’s important to remember that these gains are not guaranteed, as regulatory approval doesn’t ensure consistent price growth.

Also Read: Bitcoin Price Analysis: BTC Price Might See 5-7% Pump Over the Weekend If This Happens

In the midst of this uncertain climate, Bitcoin seems to be overshadowing Gold as the preferred store of value. Mike McGlone, Bloomberg’s Senior Macro Strategist, suggests that Bitcoin’s recent performance has the potential to significantly change its value compared to Gold, ushering in a new chapter in its history.