X (Twitter) Account Hack Causes Bitcoin Plunge
An unexpected hack involving the official X (Twitter) account of the Securities and Exchange Commission (SEC) has caused a downturn in the cryptocurrency industry. The timing of the hack couldn’t have been worse, as it occurred just as the long-awaited decision on a spot Bitcoin ETF was set to be announced.
Bitcoin Plunges After Fake News of Approval
The consequences of the hack have triggered Bitcoin to plummet to $45,920, from a record-breaking $47,000 just 24 hours prior. The sudden and sharp drop has left many investors disturbed, with some questioning whether this is the beginning of a broader downturn for the cryptocurrency market.
Is the Breached Account the Reason for Delay?
The SECโs account hack might be the possible reason for the delay of the decision on a Bitcoin ETF. Industry experts are reacting to it, with some accusing the SEC of choosing to prioritize their own interests over doing what is fair and right according to the law.
Lawmaker Queries Gensler over Emails
Representative Darrell Issa, head of the House Committee on Oversight and Government Reform, has demanded that Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), disclose all personal emails he sent to the agency staff for official purposes. Additionally, an internal report revealed that Gensler frequently communicated with staff via a personal email account during the collapse of futures broker MF Global, leading to suspicion of a potential violation of federal transparency laws. Reuters
Hot Take
The unexpected hack of the SECโs Twitter account and subsequent fallout has caused not only Bitcoin to take a hit but also has raised questions about the SECโs ability to make unbiased decisions and the potential impact of the breach on the long-awaited Bitcoin ETF approval. Industries are attentively eyeing the situation to see what happens next and how it will affect the overall cryptocurrency market.
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