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Twitter and the SEC declare investigations into a fraudulent Bitcoin ETF tweet

Bitcoin surged to its highest level in two years following rumored approval of a spot ETF, but the price plummeted significantly when the rumor was disproven.

The crypto space and broader financial markets have been thrown into disarray by a single fabricated Twitter post; Twitter and the Securities and Exchange Commission are both investigating the incident. It appeared that the official Twitter account of the U.S. Securities and Exchange Commission was “compromised” on Tuesday, when it published the long-awaited approval of the Bitcoin ETF. The tweet precipitated a momentary surge in the value of Bitcoin, which subsequently returned to its baseline.

The unauthorized tweet that is now deleted

Tuesday afternoon, the value of Bitcoin experienced significant volatility subsequent to the United States Securities and Exchange Commission’s (SEC) announcement via Twitter that a long-awaited spot Bitcoin ETF had been approved. However, SEC Chair Gary Gensler subsequently tweeted that the account had been compromised and that no Bitcoin ETFs have been officially sanctioned.

Tuesday, Bitcoin surged from approximately $46,500 to $47,700 within minutes, reaching what appears to be the highest level in over two years for the foremost cryptocurrency. Nevertheless, the price dropped precipitously to nearly $44,500 before recovering near $46,000.

The SEC will work with law enforcement and our partners across government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct.

the Statement reads

At this time, eleven spot Bitcoin ETF applicants are seeking a decision from the SEC on their outstanding S-1 registrations. Multiple amendments have been submitted over the past forty-eight hours by nearly all of the firms competing to offer a Bitcoin ETF to U.S. investors. It is a sure sign, according to analysts, that the SEC and applicants, including BlackRock, Fidelity, and WisdomTree, have been engaged in heated back-and-forth regarding residual concerns regarding their offerings.

As of the close of business on Wednesday, January 10, the SEC is presently obligated to render a decision regarding the application for the ARK 21Shares Bitcoin ETF. Widespread opinion holds that the regulator will act on all filings by that date, or at least on more than one, which could result in the simultaneous introduction of trading for multiple Bitcoin ETFs.

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