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.
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