Bitcoin Market Rocked by SEC Twitter Hack
Bitcoin ETF confusion from SEC hack, major moves by VanEck and Bitwise, X's price cut in gold accounts, Solana excels in development.
Welcome to the latest update from Datawallet Daily. In this issue, we explore the significant events that have impacted the cryptocurrency world in the last 24 hours:
- Bitcoin Market Rocked by SEC Twitter Hack
- VanEck, Bitwise Prepare $200M+ Ahead of Bitcoin ETF Approval
- X Cuts Gold Account Prices 80% Amid Crypto Scam Rise
- Solana Surpasses 2,500 Monthly Active Developers
Bitcoin Market Rocked by SEC Twitter Hack
In a recent unsettling development, the U.S. Securities and Exchange Commission (SEC) has clarified that no spot Bitcoin ETF (Exchange-Traded Funds) applications have been approved, contrary to a misleading tweet from the SEC's official Twitter account. The SEC chair Gary Gensler confirmed the inaccuracy of this information, stating that the SEC's Twitter account had been compromised.
This false information led to a rapid increase in Bitcoin's price, followed by a sharp 6% drop, impacting traders worldwide. The resulting market turbulence triggered over $50 million in liquidations of leveraged derivative positions within an hour, according to CoinGlass data. This incident highlights the significant influence of regulatory news on cryptocurrency markets and the need for investors to verify information through reliable sources.
JUST IN: @SECgov says its X account was hacked and no #bitcoinETF approval yet.https://t.co/IdhSvJaXWm
— CoinDesk (@CoinDesk) January 9, 2024
VanEck, Bitwise Prepare $270M+ Ahead of Bitcoin ETF Approval
VanEck and Bitwise, two firms applying for spot bitcoin ETFs, have made significant initial investments in their respective funds. VanEck has seeded its potential ETF with $72.5 million, while Bitwise has seeded its fund with $500,000 and has also attracted a conditional $200 million interest from Pantera Capital. Moreover, BlackRock has invested $10 million in its potential ETF.
These details are revealed in their updated S-1 forms. Additionally, the forms disclose fee structures, with some providers offering zero initial fees and low fixed fees thereafter. VanEck has also pledged 5% of potential profits to Bitcoin core developers at Brink, along with a $10,000 donation.
ICYMI: VanEck seeds potential spot bitcoin ETF with $72.5 million, while Bitwise lines up $200 million of interesthttps://t.co/UkPcZOrrLF
— The Block (@TheBlock__) January 9, 2024
X Cuts Gold Account Prices 80% Amid Crypto Scam Rise
X (formerly Twitter) has announced a significant price reduction for its gold check verification, decreasing it from $1,000 to $200 monthly. This decision follows a report from CloudSEK, a cybersecurity firm, revealing that scammers have been exploiting these verified accounts to conduct cryptocurrency scams.
The scammers typically target X users with fake job offers and crypto-related frauds, often taking over inactive accounts and converting them into verified gold accounts for scamming purposes. This move by X is seen as an attempt to manage the misuse of its verification system while possibly aiming to increase its paid subscriber base.
Our new Verified Organizations Basic tier is now available for $200/month or $2000/year!
— Verified (@verified) January 2, 2024
Designed for smaller businesses, subscribers receive ad credits & priority support to enable faster growth on X
Subscribe via https://t.co/tavd2Beuhx
Solana Surpasses 2,500 Monthly Active Developers
The Solana Foundation recently reported over 2,500 monthly active developers on its network, indicating significant growth and developer retention, which increased by 50% in the last three months. However, Electric Capital’s Developer Report, using GitHub data, showed a lower count of 946 developers as of October 1, 2023, down from a December 2022 peak. In comparison, Ethereum had 5,769 developers at the same time.
Alongside the rise in developer activity, Solana’s network and its native token, SOL, experienced substantial activity and price increases, briefly surpassing Binance’s BNB in market capitalization and outperforming Ethereum in 24-hour decentralized exchange volumes.
1/ In 2023, the Solana developer ecosystem made major advances in tooling, developer experience, & quality of content.
— Solana (@solana) January 8, 2024
Today the Solana ecosystem has over 2500 monthly active developers on open source repositories and developer retention is over 50%.https://t.co/XwByL3HSuR🧵 pic.twitter.com/UnglforurA
Other breaking news
- BlackRock, VanEck Submit Revised S-1s for Bitcoin ETFs, Addressing Final Remarks
- Lazarus Group Moves $1.2M Bitcoin From Coin Mixer
- Standard Chartered Predicts Bitcoin May Reach $200K by Dec 2025
- As Bitcoin ETF Decision Nears, SEC’s Gensler Reiterates Crypto Risks
- GBTC Discount Hits 18-Month Low Amid Grayscale’s Lag in ETF Fee Competition
For the latest updates on digital asset markets, follow us on X @Datawalletcom.