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CDS Crypto News Bitcoin’s Price Rollercoaster: Fake SEC Approval for Spot Bitcoin ETF Triggers Surges and Plunges

Crypto News

Bitcoin’s Price Rollercoaster: Fake SEC Approval for Spot Bitcoin ETF Triggers Surges and Plunges

Bitcoin encountered a swift surge and subsequent downturn on Tuesday afternoon, triggered by a deceptive post on a prominent regulatory body's social media platform.

Ecem EFE10/01/20241 Mins read404

Crypto News- Bitcoin’s market dynamics were thrown into turmoil today, triggered by a deceptive announcement originating from a compromised U.S. Securities and Exchange Commission (SEC) social media account. The spurious post, disseminated at 4:11 p.m. ET, deceitfully declared that the SEC had finally given the green light for the much-anticipated spot bitcoin exchange-traded fund (ETF).

Bitcoin’s Price Rollercoaster: Fake SEC Approval for Spot Bitcoin ETF Triggers Surges and Plunges

In the wake of this misleading disclosure, Bitcoin’s valuation experienced a rapid surge, reaching a peak of approximately $47,950, only to nosedive just as swiftly to $45,285. As of the latest update at 4:38 p.m. ET, the cryptocurrency was valued at $45,881. The misleading statement, purporting that approved Bitcoin ETFs were set to be listed on all registered national securities exchanges, came complete with a fictitious quote attributed to SEC Chair Gary Gensler. The fabricated statement from Gensler underscored the importance of market transparency and offered a narrative of enhanced investor access to digital asset investments within a regulated framework.

The Block, a trusted and reliable source, promptly invalidated the false information, confirming that the SEC’s X account had fallen victim to compromise, rendering the announcement regarding spot bitcoin ETFs entirely baseless. This incident serves as a stark reminder of the vulnerability of financial markets to misinformation, showcasing the potential repercussions on cryptocurrency prices.

Sources:theblock

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Written by

Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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