Breaking: US SEC has NOT approved a spot Bitcoin ETF, X account compromised

The United States Securities and Exchanges Commission (SEC) out out a Tweet on its official X account stating that it has approved Bitcoin ETFs. However, this is not the true situation as Gary Gensler confirmed that the commission’s social media account was hacked.

The @SECGov 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.

— Gary Gensler (@GaryGensler) January 9, 2024

Notably, the hacked account even attached a statement under SEC Chairman Gary Gensler’s name. Unlike the usual stance of Gensler on crypto, the statement read, “Today’s approval enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework.”

Source: SEC’s X account

BTC’s price jumps on fake spot Bitcoin ETF approval news

The fake X statement spread like wildfire in the crypto market immediately after its posting. Several influencers and developers shared positive excitement on the news published by the compromised account. And, the effect was also seen on the price of BTC with the coin inching towards $48,000 immediately after the announcement.

Source: TradingView

However, the price retracted after a corrective statement was put out by Chairman Gensler. This has even resulted in Bitcoin’s price sliding to $45,000 before bouncing back $46,000 level.

The story is still developing.