SEC Confirms FBI Investigation Into Its Twitter Account Hack After False Bitcoin ETF Announcement
Portfolio Pulse from Piero Cingari
The SEC's Twitter account was hacked, falsely announcing a Bitcoin ETF approval, which led to a temporary drop in Bitcoin's price. The FBI is investigating the incident, and the SEC clarified that official announcements are only made on their website and the Federal Register. The hack was due to an individual gaining control over a phone number associated with the SEC's account, which lacked two-factor authentication. Critics of Bitcoin ETFs, like Dennis Kelleher, reiterated their stance against the cryptocurrency.

January 10, 2024 | 9:04 pm
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NEGATIVE IMPACT
The false Bitcoin ETF announcement from the hacked SEC Twitter account caused a temporary drop in Bitcoin's price, reflecting investor nervousness.
The news of the SEC Twitter account hack and the subsequent false announcement directly impacted Bitcoin's price, causing a short-term drop. This indicates that such news can create volatility in the cryptocurrency market. However, the price recovered shortly after, suggesting the impact may be temporary.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80