Bitcoin steadies after false post on ETF approval sparked swings Bitcoin dropped to around $45,000 before paring losses after a false post on the US Securities and Exchange Commission’s X account claimed that the agency had approved the issuance of ETFs holding the digital asset. The regulator subsequently said it had not yet granted approval of spot-Bitcoin exchange-traded funds and that the X account had been compromised. Market participants were caught off guard by Tuesday’s cybersecurity incident. The SEC is widely expected by analysts to announce a decision about the ETF applications on Wednesday in the US. “I don’t think it will affect the process or what comes next,” said Ophelia Snyder, president of 21Shares, which is seeking to offer a Bitcoin ETF with ARK. “There’s no way after 10 years of work this could wrap up without any last minute drama.” The ARK 21 Shares application must be addressed by the SEC by the end of Wednesday. Analysts expect approval of several applications at that time, following a slew of last-minute adjustments to official offering statements. “Just add this to the long list of surprising plot twists and turns in the 10-plus year effort to bring a spot Bitcoin ETF to market,” said Nate Geraci, president of The ETF Store, an advisory firm. SEC Chair Gary Gensler has repeatedly argued that crypto is rife with fraud and misconduct. The agency cracked down on the sector following a 2022 rout and collapses such as the bankruptcy of Sam Bankman-Fried’s FTX exchange. But the SEC last year lost a key legal fight against crypto asset manager Grayscale Investments, spurring speculation that the regulator will have to acquiesce to the spot ETFs. The spat was over the $29 billion Grayscale Bitcoin Trust’s desire to convert into such a product. Bitcoin has rallied 163% over the past 12 months, fueled by anticipation that the proposed ETFs will make the token more of a mainstream investment. But some analysts wonder whether Bitcoin is ripe for a pullback if and when SEC approval finally lands, since speculators may decide to bank profits. The false post on the SEC’s X account was up for a number of minutes before the agency clarified that it was inaccurate. In that period, Bitcoin posted a relatively modest jump to almost $48,000 from about $46,700 before falling back toward $45,000. “Bitcoin’s drop after the false SEC post shows the risk of an eventual ‘sell-the-news’ reaction to spot ETF approval, but much depends on where the token settles after the latest volatility,” said Tony Sycamore, a market analyst at IG Australia Pty. If Bitcoin is trading in the $46,000 to $47,000 range before the announcement, we could see a burst to $51,000 after the ETF green light before the pullback begins, he said. Follow us onTwitter,Facebook,LinkedIn
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)