Bitcoin Briefly Surges Following Misleading SEC Social Media Post

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Bitcoin experienced a short-lived surge on Tuesday following a misleading post on the US Securities and Exchange Commission’s (SEC) official X account (formerly known as Twitter). The post erroneously stated that the SEC had approved the much-anticipated exchange-traded funds (ETFs) for Bitcoin. This unexpected announcement led to Bitcoin’s value momentarily jumping to nearly $48,000 before correcting back to around $46,000.

However, the excitement was short-lived as the SEC quickly removed the post, clarifying that their account had been “compromised.” The SEC’s chair, Gary Gensler, also issued a statement from his personal X account to refute the false announcement, emphasizing that the SEC had not approved any spot bitcoin exchange-traded products.

The false post, which appeared on the SEC’s X account shortly after 16:00 Washington time (21:00 GMT), had stated, “The regulator grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” This message was rapidly circulated by social media users and various business news outlets, causing a temporary but notable impact on the cryptocurrency market.

An SEC spokesperson informed the BBC, “The SEC has determined that there was unauthorized access to and activity on the @SECGov account by an unknown party for a brief period of time shortly after 4 pm ET.” They added that the unauthorized access had been terminated and that the SEC would collaborate with law enforcement and other government agencies to investigate the incident and determine appropriate subsequent actions.

Investors and market watchers are eagerly awaiting a formal announcement from the SEC regarding the approval of spot bitcoin ETFs, expected to occur later this week. The anticipation of this decision continues to fuel speculation and interest in the cryptocurrency market, highlighting the significant impact of regulatory decisions on the digital asset ecosystem.

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