- 1 The founder of Skybridge posted a tweet and it created a buzz around cryptocurrencies, especially Bitcoin.
- 2 The viewers suspected that the tweet was targeted towards the long awaited approval of BTC ETF.
- 3 The tweet turned the crypto community bullish for Bitcoin till the end of this month and quarter as well.
The tweet created a buzz around cryptocurrency and financial community members among his followers. His Twitter viewers believe that he was hinting towards bullishness in crypto after the much-awaited SEC approval for BTC ETF.
What was included in the tweet?
The Skybridge founder is always known for his support for bitcoins and other cryptocurrencies, including altcoins and Ethereum-based coins. In his tweet, he just wrote, “It’s done.”
So, some famous accounts, including Crypto Capital Venture founder Dan Gambardello and analyst Will Clemente, started posting questions and suspecting if the post is related to the long awaited approval of Spot BTC ETF.
Though Scaramucci did not respond to the question, people started relating it to the crypto market and expressing bullish views.
Pending Bitcoin ETF Decision Affecting Crypto Prices
On Wednesday, a Matrixport analyst predicted that the US SEC will not approve the spot BTC ETF filings submitted to the SEC by more than a dozen Wall Street companies in 2022 and 2023, but mentioned that it can be delayed further and will be left pending until later. Some of the possible reasons for the delay that were mentioned included political matters.
The news about the disapproval led to a fall in the prices of all the major cryptocurrencies, and most importantly, Bitcoin. In a single trading session, Bitcoin fell by 7%, just after investors and analysts were expecting it to break a mark of $46,000. It started falling from $45,366 to $42,202 within a few hours.
With this, traders started wiping out their funds, which led to $730 Million worth of cryptocurrencies being wiped out from the market.
Impact on other Cryptocurrencies
Ethereum, XRP, Solana, and other cryptos began to fall rapidly, and investors turned bearish for the whole crypto market in a few hours. XRP fell by almost 10%.
In the later days of the week, Bitcoin managed to revert and recover 5.4%, reaching $45,000 again. But, it could not hold in their longer range and was trading in the upper range of $45,000.
Expectations of Crypto Community
Many members of the cryptocurrency community suggested and recommended investors not sell their bitcoin holdings and hold them for some more time.
The cryptocurrency community and experts are expecting a positive response to the BTC ETF. They are saying that approval will be received by January or if not now, then the quarter will end on a very positive note for bitcoin with the launch of spot BTC ETF.
In the calendar year 2024, March is also likely to be a happy month for Bitcoin investors and BTC ETF awaiters.
Bitcoin ETF approval is expected to attract Billions of USD into the crypto world. Another major movement expected in the prices of BTC is expected around the fourth Bitcoin halving scheduled to happen in April.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.