Bitcoin price hovered below $45,000 early Wednesday after the Securities and Exchange Commission's social media account was compromised late Tuesday, leading to a misleading post that said spot bitcoin ETFs were approved. Bitcoin leapt near $48,000 on the fake post before quickly tumbling.
"The @SECGov twitter account was compromised, and an unauthorized tweet was posted," Gary Gensler wrote on X shortly after the fake announcement. "The SEC has not approved the listing and trading of spot bitcoin exchange-traded products."
The official SEC social media account confirmed Gensler's statement after deleting the unauthorized post.
"Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges," the now-deleted post read. "The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection."
Bitcoin Price
Bitcoin quickly shot up to $47,900 around 4:30 p.m. ET following the social media post before dropping as low as $44,385 overnight Tuesday. BTC hovered around $45,000 Wednesday morning, marking a 3.6%% drop over the past 24 hours.
Analysts and asset managers that applied for spot bitcoin ETFs expect a decision to come as early as Wednesday afternoon. As many as 13 spot bitcoin ETF proposals could be approved Jan. 10. Several of the potential issuers on Tuesday submitted final regulatory filings in response to comments from the SEC.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
