The SEC Twitter Account Was Hacked, Causing a Brief Bitcoin Spike
The official U.S. Securities and Exchange Commission (SEC) Twitter account was compromised on Tuesday when it falsely tweeted that the Bitcoin exchange-traded fund (ETF) had been approved. This caused a temporary surge in the price of BTC, reaching as high as $47,680.10 before dropping back down to $45,627.92.
SEC Chair Gary Gensler quickly debunked the news with his own tweet, stating that the SEC had not approved the listing and trading of spot Bitcoin ETFs. The agency confirmed that its Twitter account had been compromised and that the unauthorized tweet was not made by the SEC or its staff.
Delays and Discussions Surrounding Bitcoin ETF Applications
Currently, there are 11 spot Bitcoin ETF applicants awaiting a decision from the SEC. In the past 48 hours, these firms, including BlackRock, Fidelity, and WisdomTree, have made multiple amendments to their applications due to concerns raised by the SEC.
The SEC has until January 10 to issue a ruling on the ARK 21Shares Bitcoin ETF application. It is expected that the regulator will take action on multiple filings by that deadline, potentially leading to several Bitcoin ETFs entering the market simultaneously.
Hot Take: False Tweet Sparks Temporary Bitcoin Surge
The hacking of the SEC’s Twitter account resulted in a brief spike in Bitcoin’s price due to false information about the approval of a Bitcoin ETF. However, SEC Chair Gary Gensler swiftly clarified that no such approval had been granted. This incident highlights both the vulnerability of social media accounts to hacking and the influence they can have on cryptocurrency markets. It also demonstrates the ongoing discussions and delays surrounding Bitcoin ETF applications, with multiple firms making amendments to address regulatory concerns. The SEC has until January 10 to make a ruling on the ARK 21Shares Bitcoin ETF application, which could potentially lead to the approval of multiple Bitcoin ETFs.
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