(qlmbusinessnews.com Thurs, 11th Jan, 2024) London, UK —
“Bitcoin's Wild Ride: SEC Twitter Hack Sparks Surge and Plunge in Cryptocurrency Market”
In a bizarre turn of events, Bitcoin experienced a sudden surge on Tuesday following a tweet from the US Securities and Exchange Commission's (SEC) official Twitter account, now known as X account. The tweet claimed that the SEC had approved new cryptocurrency exchange-traded funds (ETFs). However, the post was later deleted, and the SEC revealed that its account had been compromised.
The misleading tweet, posted around 16:00 Washington time (21:00 GMT), stated that the SEC had granted approval for Bitcoin ETFs to be listed on all registered national securities exchanges. Social media users and news outlets quickly picked up the news, causing a momentary spike in Bitcoin prices.
SEC Chair Gary Gensler promptly refuted the announcement on his personal X account, stating, “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
A spokesperson from the SEC informed reporters that there was unauthorized access to the @SECGov x.com account for a brief period, and the matter is under investigation in collaboration with law enforcement.
X, formerly known as Twitter, conducted a preliminary investigation and confirmed that the compromise was not due to any breach of its systems. The account @SECGov was compromised due to an unknown individual gaining control over a phone number associated with the account through a third party. Notably, the account did not have two-factor authentication enabled at the time.
Bitcoin's price briefly surged to nearly $48,000 (£37,800) following the false announcement before settling around $46,000. Investors eagerly await an official SEC announcement on the potential approval of spot Bitcoin ETFs, which is anticipated later this week. The approval of such ETFs would represent a significant milestone for the cryptocurrency market, signaling increased acceptance in mainstream financial markets.
Numerous asset management firms have sought SEC approval for spot Bitcoin ETFs, allowing investors to directly invest in the cryptocurrency at its current market price. While ETFs are already used to indirectly include Bitcoin, a spot Bitcoin ETF would purchase the digital currency directly, providing a real-time reflection of its market value throughout the trading day.
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
Disclaimer: All images presented herein are intended solely for illustrative purposes and may not accurately depict the true likeness of the subjects, objects, or individuals referenced in the accompanying news stories.
