In a surprising development, the cryptocurrency community was thrown into disarray when the official X account of the US Securities and Exchange Commission (SEC), formerly known as Twitter, seemed to be “compromised”. An unauthorized post claimed that the SEC had simultaneously approved all Bitcoin ETF applications.
FAKE POST CLAIMS BITCOIN ETF APPROVAL
SEC Chair Gary Gensler addressed the situation, clarifying that the SEC’s X account had indeed been compromised and the tweet was not legitimate. Gensler stressed that the SEC had not given approval for the listing and trading of spot Bitcoin ETFs. He stated, “The SEC twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
This incident happened at a crucial time as the crypto community was eagerly awaiting the SEC’s decision on the pending Bitcoin ETF applications. The industry had expected that the SEC would provide an answer by Wednesday, which coincided with the predicted deadline. The outcome could result in either rejection, approval, or further delays.
What makes the situation intriguing is that the “compromised” SEC account’s tweet mentioned the approval of Bitcoin ETFs for listing on all registered national securities exchanges. The tweet also highlighted the implementation of surveillance and compliance measures to ensure investor protection. Surprisingly, the post has not been deleted at the time of writing.
BITCOIN PRICE PLUMMETS AFTER FAKE NEWS
The spread of this false news had an immediate impact on the market. Bitcoin, being at the center of these anticipated ETFs, experienced a significant price plunge. The cryptocurrency retraced to the $45,200 level after previously trading at $46,600 before the fake news surfaced.
As we move forward, the crypto community awaits further details about the ETFs and the SEC’s official stance on this matter. It remains to be seen how the SEC will address the industry following this incident. Additionally, the statements from asset managers in the coming days are likely to shed more light on the implications of this event.
Featured image from Shutterstock, chart from TradingView.com
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | Twitter, US Securities and Exchange Commission, Shutterstock, TradingView.com |
| Currencies | Bitcoin |
| Securities | None |
