ETF Fee Wars Continue; Ether Jumps as Traders Bet on Possible Ether ETF Next

The S ECs X account is hacked and the spot ETF Fee war continues. You're watching Coin desk daily, I'm your host, Jen Sani. That fake Bitcoin ETF approval tweet that was posted on the S ECs X account caused $90 million in liquidations. The tweet caused Bitcoin's price to immediately spike to almost $48,000. It then fell to around $45,400 when the tweets were revealed to be fake hackers gained access to the S ECs X account on Tuesday using it to post a fake tweet saying that the Spot Bitcoin ETF that we are all waiting for had been approved that tweet and others were promptly deleted. Punters and automated bots reacted quickly though and over $500 million in futures positions were opened in a 10 minute period and some $50 million in loans were liquidated while $36 million in shorts were impacted. Liquidation refers to when an exchange forcefully closes traders leveraged position due to a partial or total loss of the trader's initial margin. Speaking of spot ETF S either jumped over $2.4000 as traders bet on the possibility of a spot Ether ETF. Next. Either a native tokens of applications built on Ethereum surged over the past day ahead of the expected approval of a spot Bitcoin. ETF Blackrock previously filed an S one forum with the SEC for its ishares Ethereum Trust a Spot Ether ETF. If a Spot Ether ETF does come to light, it would be the first time that professional investors in the United States gained spot exposure to the blockchains token without having to own it. Lido's LBO and Rocket Pool's RPL gained as much as 17% before retreating. Both protocols allow users to stake Ether and earn around 4.5% in annualized staking rewards. Ether is trading at around $2400 as of 9:30 a.m. Eastern Time and Blackrock and Arc 21 shares both cut their fees for their proposed ETF S join other contenders who announced reductions yesterday. Blackrock said it will charge 25 basis points on net asset value in a US one filing on Wednesday. The asset manager is offering a promotional rate of 12 basis points on the 1st $5 billion. During the 1st 12 months after the listing, our 21 shares reduced the fee by four basis points, 2.21%. Previously saying it would charge 0.25%. The firms are waiving the fee entirely for the first six months or the 1st $1 billion in assets. Wednesday's reductions follow rivals bit wise and Valkyrie, which announced reduced fees. That's it for coin desk daily. Get more updates on coindesk.com and we'll see you next time.