While the market eagerly awaits the approval of a Bitcoin spot ETF by the SEC, the U.S. Securities and Exchange Commission and its chairman, Gary Gensler, have been performing a two-day demonstration of how to manipulate the Bitcoin market. The SEC’s Twitter account was hacked, causing Bitcoin to briefly surge to nearly $48,000 before quickly falling back.
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ETF Approval Imminent, Market FOMO, Gensler’s Post Reminder
SEC Official Account Hacked, False Approval Announcement Made
Is Bitcoin Spot ETF Approval Coming Soon?
January 8, 23:40
Gary Gensler’s post: “If you are considering investing in crypto assets, please keep in mind the following points…” and listed several reminders related to the risks of cryptocurrency investment.
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Community interpretation: ETF is about to be approved, and the community is FOMOing so much that Gary Gensler issued a reminder.
Market reaction: BTC rose from around 44,700 to 47,200.
January 10, 05:26
(Due to the SEC’s official Twitter account being hacked and false news of ETF approval being released)
Gary Gensler’s post: “The SEC Twitter account was hacked, and unauthorized tweets were made. SEC has not approved the listing and trading of Bitcoin spot ETF.”
Community interpretation: Upon hearing that ETF was approved, there was a surge, but it quickly dropped when Gensler denied it.
Market reaction: BTC rose from around 46,600 to 47,972, then quickly fell to 44,748 after Gensler’s denial.
According to Bloomberg ETF analyst Eric Balchunas:
Someone prepared a well-planned tweet and entered the wrong date, because it would have made sense for this tweet to be released at this time tomorrow. To me, this language sounds like legitimate SEC style, not a prank from a crypto fool, but I think we’ll see.
Balchunas even initiated a poll asking whether people think the tweet came from within or outside the SEC, tagging Elon Musk: “Only @elonmusk knows the truth!”
However, there were also community mockeries of the SEC and Chairman Gary Gensler: “When you can’t even protect your own Twitter account, how can you protect investors?”
BTC
SEC
Market manipulation
Bitcoin spot ETF
Hacked
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