![[NEWS] Bitcoin and other cryptocurrencies fluctuate following false reports that SEC approves Bitcoin spot ETF](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2F8b1975b5d1494398a172d3fab80d19b0%2Fsecbit1192721722.jpg&w=3840&q=75)
On the 10th, the US Securities and Exchange Commission (SEC) posted on X (formerly Twitter) that it had approved a Bitcoin spot ETF. However, this was a false report due to an intrusion into the SEC's X account.
According to the X investigation team, the SEC did not set up two-factor authentication, so the intrusion was not the result of hacking. It appears that someone logged in using a phone number linked to the SEC's X account and made the false post.
Upon hearing the news of the spot ETF's approval, the Bitcoin (BTC) price temporarily soared to around $47,500 (approximately 6.9 million yen), but when it became clear that the news was false, it plummeted. At one point it even fell to around $45,000 (approximately 6.5 million yen).
At the time of writing, the price had returned to around $46,000 (approximately 6.7 million yen), indicating high expectations for the approval of the Bitcoin spot ETF.
SEC Chairman Gary Gensler said on his X that "the SEC's Twitter account was attacked and fraudulent tweets were posted. The SEC does not approve the listing and trading of a Bitcoin spot ETF."
Last October, fake news about a Bitcoin spot ETF was reported, causing Bitcoin prices to fluctuate wildly. However, this time it was a false report caused by a flaw in the regulatory authority's management system, so it can be said that the SEC's credibility has been damaged.
There is still no significant change in the prediction that a Bitcoin spot ETF will be approved on the 10th. The deadline for reviewing the Bitcoin spot ETFs applied for by ARK and 21Shares is on the 10th, so there is a strong view that multiple ETFs, including these, may be approved.
In addition, Chairman Gensler's daily warnings about investing in cryptocurrency-related products are also spurring expectations for approval. VanEck, which applied for a Bitcoin spot ETF, expects to start trading as early as the 11th if it is approved on the 10th.
As the movement towards the approval of a Bitcoin spot ETF accelerates, some are wary of a sell-off after approval. On the other hand, some believe that the risk of a decline due to a sell-off has been reduced compared to initial expectations, as positions have been liquidated due to the SEC's false report.
In any case, it is quite possible that there will be a large price fluctuation when a Bitcoin spot ETF is approved, so it is necessary to keep a close eye on market trends.
Reference:Posted by Gensler
Image: Shutterstock
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