SEC Twitter Hacked: Fake Bitcoin ETF Approval Tweet Creates Market Mayhem
Portfolio Pulse from Murtuza Merchant
The SEC's official Twitter account was hacked, leading to a false tweet claiming Bitcoin ETFs had been approved, causing a temporary surge in Bitcoin's price. SEC Chair Gary Gensler clarified that no approval had been granted. The SEC has historically been cautious about approving Bitcoin ETFs due to concerns over market manipulation and regulatory frameworks. The false tweet was retracted, and the SEC confirmed the account compromise.
January 09, 2024 | 9:52 pm
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NEGATIVE IMPACT
The false tweet about Bitcoin ETF approval led to a temporary surge in Bitcoin's price to $47,600, followed by a decline to approximately $45,500 after the news was debunked.
The unauthorized tweet directly impacted Bitcoin's price, causing a sharp but short-lived increase. The subsequent clarification by the SEC and retraction of the tweet led to a correction in Bitcoin's price. The volatility was a direct result of the false information regarding the ETF approval.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100