🏦 SEC HACKED

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Good Morning!

Today marks the deadline for the SEC's decision on the first BTC spot ETF, so it could be a turbulent day.

The SEC's Twitter was hacked last night, leading to a fake announcement that caused significant volatility in Bitcoin's price. Now, US lawmakers are demanding answers.

Let’s dive in. 👇️ 

Markets

SEC Twitter hijacked to push fake news of hotly anticipated Bitcoin ETF approval (3 minute read)
The SEC’s Twitter account was hacked, yes you heard that right…
Yesterday evening an announcement regarding the approval of several highly anticipated Bitcoin ETFs was posted on the official SEC account. The false tweet, which claimed that the SEC had granted approval for Bitcoin ETFs on all registered national securities exchanges, caused a significant surge and subsequent decline in the cryptocurrency's price.

The tweet, now deleted, included a statement suggesting ongoing surveillance and compliance measures for investor protection. The market, eagerly anticipating the SEC's decision for months, experienced a strong reaction to this fabricated information, prompting speculation about the motives behind the incident. Concerns have also arisen regarding the security of the SEC's Twitter account after the Twitter safety team tweeted that the account wasn’t even using 2 factor authentication.

Ether Jumps Over $2.4K as Traders Bet on Possible Ether ETF Next (3 minute read)
The past 24 hours saw a surge in the value of Ethereum and many ETH native platforms, driven by trader speculation on the potential proposal of an Ethereum ETF following the anticipated approval of a Bitcoin ETF in the United States.

Ethereum reached a trading value exceeding $2,400 during early European hours on Wednesday, reflecting a 5% increase within the 24-hour period. BlackRock had previously submitted an S-1 form to the SEC for its iShares Ethereum Trust, a spot Ethereum ETF.

Market sentiment indicates that traders are positioning themselves for a forthcoming Ethereum-focused product, which could offer professional investors in the U.S. exposure to Etheremum without direct ownership.

SEC should be held accountable for X account compromise: US senator says (3 minute read)
The compromise of the SEC’s influential social media account on Tuesday afternoon has attracted the attention of U.S. lawmakers, with Senator Bill Hagerty, R-TN, asserting the need for accountability in response to the SEC's "market-moving mistake." This incident coincided with the scheduled meeting of the House Financial Services Committee's digital asset subcommittee, set to discuss the dynamic landscape of digital asset regulation in the U.S. The post from the compromised account initially caused market excitement, followed by a subsequent decline after the SEC clarification, prompting speculation about the agency's decision on approving Bitcoin ETFs scheduled for Wednesday.

Tech

Fox Corporation collaborates with Polygon Labs to launch blockchain-based media platform Verify (2 minute read)
Fox Corporation, the media conglomerate overseeing well-known brands such as Fox News, Fox Sports, and Tubi Media Group, has introduced a blockchain-based platform named Verify. This platform is designed to facilitate content licensing negotiations with artificial intelligence (AI) firms, determining the usage of Fox Corporation's intellectual property.

Additionally, Verify employs cryptographic signatures to meticulously track and verify media content within a database. In collaboration with software development firm Polygon Labs, Fox Corporation aims to address the challenges posed by the proliferation of AI tools and AI-generated media.

Japan’s e-commerce giant Mercari plans to accept BTC payments (2 minute read)
Mercari, the prominent digital flea market platform in Japan boasting over 22 million monthly active users, is gearing up to enable bitcoin payments for users by June this year.

The implementation of bitcoin transactions will be facilitated by Mercari's Tokyo-based blockchain subsidiary, Mercoin. Although product prices on the Mercari platform will continue to be displayed in Japanese yen, users will have the option to make payments using Bitcoin. Mercoin is positioned to act as an intermediary, converting bitcoin to yen for the seller.

Misc

The Interoperabilty Loop (5 minute read)
cc2ventures, a notable figure in the airdrop space, predicts that 2024 will witness the full emergence of the cross-chain narrative, with numerous bridging protocols introducing tokens to compete for market dominance. By actively engaging with these protocols, individuals can secure a stake and position themselves at the foundation of this evolving landscape.

Despite their undervalued status, messaging protocols play a crucial role in addressing challenges such as liquidity fragmentation and enabling users to navigate a growing array of blockchain networks seamlessly. The unique aspect of the interoperability narrative lies in its early stages, as major industry players are yet to launch their tokens. This presents an opportunity to participate from the outset and gain governance influence. The provided guide offers insights into various protocols and outlines ways to interact with them.

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