A lot has been going on in the cryptocurrency world recently and this has more to do with securities and exchange commission (sec), the long-awaited bull run and the advancement of crypto to a wider form, such that not only crypto enthusiasts will have a reason to smile because there bags are already full, but it looks like something else is happening outside of the already believed and seen work out of cryptocurrency.
Earlier, it was announced that on the 10th day of January 2024, which is on a Wednesday, the securities and exchange commission (sec) is to approve some of the first-spot bitcoin ETF's and in response to this, the leading ETF applicants had already submitted their requisite forms, S-1s, which is known to be the final step before the necessary action is to be taken concerning the listing. And to crown it all, some of them had to cross-check their works in the attestation of truth and credibility such that when the forms were finally submitted, the real work begins.
However, Bitcoin's futures-based ETFs do suffer from material underperformance due to the fact that the contracts for the months ahead are usually priced at a premium to the spot price in what is known as contango, leading to progressively expensive roll-overs as the front-month contract expires and the next one takes its place source.
This is now the main bone of contention, as so many things need to be sorted out based on governmental mechanisms in alignment with the beliefs of cryptocurrency investors and security exchange commission regularities. With this information that broke out, one is now in between crossroads and doesn't know which way to go, judging from the fact that the security exchange commission twitter handle before now has been the one used in getting information so how be it that almost at the peak of the breakout we had expected, another story is being told that doesn't align with the targeted goals?
Where Do We go From Here?
Gary Gensler, the securities and exchange commission (sec)'s chair, dating back to October 24 at exactly 1pm EST, said in reminder that all financial accounts should be well protected against any form of theft or fraud and he put forth a reminder that one should use strong paraphrases or passwords, set up multifactor authentication, and keep account alerts turned on.
https://x.com/khalkaz/status/1744842443193774335?s=20
Also, in regards to this, fast-forward to his statement on the 9th day of January 2024 at exactly 7:01 a.m. EST. The same self, Gary Gensler, was advising cryptocurrency investors that investing in crypto market stocks and all that concerns cryptocurrency might be an opportunity for one to get the bag but in it are full of risks and losses embedded. This baffled me to an extent, judging from the fact that all big-time crypto investors are aware of the risks that are involved because, in truth, this isn't the first time they are investing. Adding to this, how will he be reminding them that they don't know what is involved in cryptocurrency before now? Living on its own isn't a risk so why this fishy talk from him, which of course is highlighting what is to come later on?
Just after a period of some hours, Gary Gensler came on the twitter space to alert the public that the @SECGov twitter account has been hacked, reminding everyone to take caution and be prepared not to be deceived by rumours regarding the securities and exchange commission (sec) authorizing the listing and trading of spot bitcoin exchange-traded products.
https://twitter.com/GaryGensler/status/1744833049064288387?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1744833049064288387%7Ctwgr%5E900434ba35f704572950f283a288d01a3d3a20c5%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwccftech.com%2Fsomeone-hacks-the-secs-x-account-to-announce-the-approval-the-of-spot-bitcoin-etfs%2F
- GaryGensler
My Thoughts on This
It is enough to know that some set agencies are fighting against cryptocurrency and regardless of what it takes, they want to see crypto down to the mud and this very incident can't be taken for less than a proven one.
Based on the paragraph above, it is also okay to analyse this on the other hand because, looking into what has been seen above, it looks like this is all set up because the tweets and times of uploads are showing an accusing finger of what is already planned. How would you tell me that you just warned the public to be aware of their wallets, and in less than a month, yours or those close to you were hacked? Does it mean they didn't know what you just said about security or what?
How are we sure this isn't set up such that investors should have taken their stand in preparation for the bull this will bring and because of this, they are less concerned and will lose out if this turns out to be a lie?
How are we sure that your account isn't hacked and is misleading investors?.