[NEWS] Bitcoin and other cryptocurrencies fluctuate following false reports that SEC approves Bitcoin spot ETF

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.

No change in the possibility of approval on the 10th

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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