BTC whipsaws after official SEC “X” account was possibly hacked

With all eyes keenly focused on the U.S. Securities Exchange Commission awaiting on word of many Bitcoins’ spot ETF’s approval, the SEC’s official X (formerly Twitter) account posted that all the ETF’s up for consideration were approved. This news took the price of Bitcoin swiftly higher, gaining 2.37% in the five minutes immediately following the posting. Only minutes after the post was absorbed by eagerly awaiting cryptocurrency traders, the SEC came out and posted that their account had been compromised. This led to a swift price correction equaling 2.81% in the second five-minute window after the initial fraudulent post. 

Bitcoin exhibits wild price swing amidst ETF approval angst 

With the most likely window for a spot Bitcoin ETF approval coming to an end tomorrow, Bitcoin is experiencing heightened volatility. With so many amendments filed over the last couple of days, it does seem to indicate that the SEC is likely to approve at least some of the nine ETF’s up for approval. Some analysts have come out with the assumption that the SEC’s X posting was authentic, but was accidentally sent out a day too soon. As of now, the SEC has not provided any clarity on the type of “compromise” that their official account had encountered, whether it was an external breach or hack or whether the compromise was an internal error of sorts. 

As of 5:40 PM ET Bitcoin is trading down 2.03% on the day trading just above $46,000.