Bitcoin Spot ETFs NOT APPROVED Yet!!! – SEC Twitter Account Hacked

The Bitcoin Spot ETFs have been approved by the US Securities and Exchange Commission (SEC). How will the Bitcoin price move after the announcement?

Kieth Rean Garcia

Kieth Rean Garcia

January 10, 2024 8:01 AM

Bitcoin Spot ETFs NOT APPROVED Yet!!! – SEC Twitter Account Hacked

The Bitcoin Spot ETFs have not yet been approved by the U.S. Securities and Exchange Commission (SEC). The official Twitter account of the SEC was hacked, and an unauthorized tweet was sent out. SEC Chairman Gary Gensler addressed this on his personal Twitter account, and the SEC account has since deleted the false tweet.

What Happened?

The U.S. Securities & Exchange Commission allegedly approved Bitcoin Spot ETFs in a tweet. However, it turned out to be a hack. This was stated on SEC Chairman Gary Gensler’s Twitter account, and the tweet on the SEC Twitter account has been deleted, confirming that there was an unauthorized tweet.

How Did the Bitcoin Price React?

The Bitcoin price saw a surge to the $48,000 mark within minutes after the announcement of the false approval. In recent days, it was often predicted that the Bitcoin price should skyrocket in case of approval. However, shortly afterward, Bitcoin crashed to below $46,000 when Gensler conveyed that there was a hack and the ETFs had not been approved.

What’s Next for Bitcoin?

According to several rumors, trading with the Bitcoin Spot ETFs is supposed to start on Thursday, January 11th. Then, companies could invest in the products of various financial service providers offering the Bitcoin ETF now. However, it is currently uncertain what impact the hack and possible market manipulation will have on the approval process. For smaller investors, a phase may now begin in which they should be extremely vigilant about what happens in the next hours and days. A sharp drop in the price could be the consequence. However, it is also possible that the SEC actually approves the Bitcoin Spot ETFs in the next 24 hours.

Update 23:30: SEC and Gary Gensler Mocked

After the hack and the release of the unauthorized tweet, it quickly became clear that the agency had made massive mistakes. SEC Chairman Gary Gensler and his agency are being met with ridicule: Furthermore, the following tweet from the SEC account was repeatedly quoted: “Careful what you read on the internet. The best source of information about the SEC is the SEC.”

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Kieth Rean Garcia
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Kieth Rean Garcia

Kieth is an Article Writer, Digital Nomad, Web3 Enthusiast, and NFT Gamer, currently based in the Philippines. Actively involved in the blockchain space for 3 years, his work spans across writing and exploring the potentials of Web3 and NFTs.

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