Bitcoin rallies then crashes after ETF approval post from ‘compromised’ SEC account

Bitcoin gained then lost 3% in moments after a “compromised” SEC account posted fake news about bitcoin ETF approvals

January 9, 2024 05:02 pm

Bitcoin gained close to 3% Tuesday afternoon in the minutes after the US Securities and Exchange Commission’s X account posted that bitcoin exchange-traded funds had been approved.

The SEC later denied the veracity of the post, saying it had not yet granted approval for the products and its account had been “compromised.”

Bitcoin (BTC) spiked to $47,893 just after 4 pm ET in New York before crashing almost 3% to $46,527.

“The SEC’s @SECGov X/Twitter account has been compromised,” a spokesperson from the SEC told Blockworks. “The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.”

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The SEC has not historically posted ETF approval news on its X account. Those looking for the most up to date information on the status of ETF applications should be checking EDGAR, the SEC’s filing database, a person familiar with the matter said.

The SEC has until Wednesday to approve or deny Ark 21Shares’ bitcoin ETF application.

Should the products get the green light, analysts expect the ETFs to begin trading as soon as Thursday.

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