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
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.”
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.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
