SEC Hacked with Fake News! On the eve of Bitcoin spot ETF approval, SEC Chairman Gary Gensler is accused of market manipulation.
While the market eagerly awaits SEC approval for a Bitcoin spot ETF, the U.S. Securities and Exchange Commission and its chairman, Gary Gensler, have staged a two-day performance on how to manipulate the Bitcoin market! The SEC's Twitter account was hacked, causing Bitcoin to briefly surge to nearly 48K before quickly falling back.
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ETF Approval Imminent, Market FOMO, Gensler Issues Reminder
Time: 1/8 23:40
Gary Gensler posted: "If you are considering investing in crypto assets, please remember the following points..." and listed several reminders about the risks associated with cryptocurrency investments.
A thread 🧵
Some things to keep in mind if you're considering investing in crypto assets:
— Gary Gensler (@GaryGensler) January 8, 2024
Community Interpretation: ETF approval is imminent, community in a state of FOMO, prompting Gary Gensler to issue a reminder
Market Reaction: BTC surged from around 44,700 to 47,200
SEC Official Account Hacked, False Approval News Released
Time: 1/10 05:26
Due to the hacking of the SEC official Twitter account, false news about ETF approval was released
Gary Gensler posted: "The SECGov Twitter account has been hacked, and unauthorized tweets have been posted, SEC has not approved the listing and trading of a Bitcoin spot ETF."
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Community Interpretation: Hearing of ETF approval caused a frenzy, followed by a rapid decline after Gensler's denial
Market Reaction: BTC surged from around 46,600 to 47,972, then quickly dropped to 44,748 after Gensler's denial
Bitcoin Spot ETF Approval on the Horizon?
Bloomberg ETF analyst Eric Balchunas believes:
Someone prepared a well-planned tweet and entered the wrong date, because this tweet would make sense if it was posted at this time tomorrow. To me, this language sounds like legitimate SEC style, not a prank by a crypto fool, but we shall see.
Balchunas even initiated a poll asking whether the tweet came from within the SEC or outside the SEC, tagging Musk: "Only @elonmusk can know the truth!"
Where do think the "approval" tweet came from?
— Eric Balchunas (@EricBalchunas) January 9, 2024
However, there were also community mockeries towards the SEC and Chairman Gary Gensler: "When you can't even protect your own Twitter account, how can you protect investors?"