I was on my phone, seeing a football match when I got a notification tweet from the @SECGov X account reading;

‘Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchange.

The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection. ‘

Immediately, I wasn't sure of what exactly to feel, excited? Sad because my predictions didn't play out? However way it was going to turn out -i was thinking to myself when my mind slowly drifted to my portfolio and immediately another thought interrupted -its a time of celebration to all those who bought Bitcoin at below $20,000. All these was expected from the market, as earlier reported, the volatility for this period will be like none ever seen before, as Bitcoin was already hitting a high of $47,972 on a fifteen minutes candle. I thought to myself ‘I could've made a few change from this move because I saw it on time’, but the truth remained, I had no funds in my trading account. While I was still in this state of dilemma, I got another ring on my phone, it was yet another X notification but this time from SEC Chairman Gary Gensler stating that the X account of the SECGov has been hacked, noting that there hasn't been any approval of the Spot Bitcoin ETFs. Immediately I burst out in joy, excited at the fact that my sensing for some foul play might still be valid after all as this could serve as an opportunity to cook up an excuse for further delay of the approval. I could still be wrong in all these, definitely not financial advice like I always say, make informed decisions but more importantly this isn't the time to go into a trade as Bitcoin, immediately following the next fifteen minutes candle dumped to as low as $44,748 before regaining the $46k region again as at the time of writing.

What Can You Take From This Yet Again?

Personally, I'm convinced if this action was done by someone else under the SEC’s radar, they'd probably be facing legal indictment for a possible market manipulation charge on fake news because I mean, this fake news came directly from the SEC’s X account. If the SEC cannot protect their X account from external hacks, how can they really protect investors as they so claim? That's a question for another discussion. What I'd suggest you take from this new improved drama that just happened on the eve of the supposed approval date which is today is simple, do not expect an approval and decide to go long in anticipation to cash in the big profits. It's not a good time to be greedy or else you'll reap the consequences in a volatile market condition as we have currently. I mean, not expecting doesn't mean it might not come, it's simply saving yourself from unwanted heartaches from the SEC. Secondly? This points to the direction of a potential spot Bitcoin ETF approval or not, it's still a 50-50 chance like I've always said. If an impending approval was looming, the SEC or Gensler in that follow-up clarification tweet would've easily given us a signal with the word ‘Yet’ but it wasn't added. Meaning, there might be no approval or might be? All we have to do now is wait and see the outcome.

As always, your favorite crypto journalist Clever Abaribote. See you soon.