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BREAKING: Gary Gensler says BTC ETFs haven’t been approved, SEC Twitter account hacked

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TL;DR

  • The U.S. SEC’s official Twitter account was hacked, leading to a false announcement about the approval of Bitcoin Spot ETFs, later clarified by SEC Chairman Gary Gensler.
  • The misinformation caused significant volatility in Bitcoin’s price, highlighting the market’s sensitivity to regulatory news.

The U.S. Securities and Exchange Commission (SEC) encountered a security breach in a recent development that has stirred the cryptocurrency market. The SEC’s official Twitter account was hacked, leading to the false announcement of the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). 

SEC Chairman Gary Gensler promptly addressed the situation, clarifying that the tweet was unauthorized and that the SEC had not approved any such ETFs.

Several news outlets published a misleading story after the official X (previously known as Twitter) account from the United States Securities and Exchange Commission (SEC) posted a tweet declaring that the regulator had authorized spot Bitcoin exchange-traded funds for the first time.

The SEC official account has also rectified the error and posted that Bitcoin ETFs haven’t been rectified.

Impact on Bitcoin prices and market stability

Bitcoin’s price has been highly unstable during the recent developments. It surged above $48,000 but then dropped to $44,700. Currently, it is trading at $45,403. Earlier, it was fairly stable, around $47,000. However, the market has been impacted by fake news, which has caused some uncertainty. As we stand, we are only hours away from an official decision. 

In summary, while the cryptocurrency community eagerly awaits regulatory decisions regarding Bitcoin Spot ETFs, this incident has shed light on information management challenges and market stability in the digital era. Investors must remain vigilant and discerning in their decision-making processes as the SEC works to rectify the breach and reinforce its communication channels.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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