Bitcoin ETF fake news speculation and SEC conspiracies abound.
The crypto industry remains poised, awaiting the approval of the first-ever Bitcoin Exchange Traded Fund (ETF) in the United States. The fake news spread following the hacking of the SEC's social media account caused a pump and dump of the BTC price and a flood of speculation.
On January 9, the US Securities and Exchange Commission hacked X's account, posting false news that the site had approved Bitcoin ETFs.
Will SEC Delay Bitcoin ETF Approvals?
SEC Chairman Gary Gensler said “an unauthorized tweet was posted,” adding that the agency has not approved the listing and trading of spot Bitcoin ETPs.
The responses from industry experts and observers were pretty wild, speculation and conspiracy theories abounded.
Many have accused Gensler and the SEC of being behind the account's “hacking” and called for X's owner, Elon Musk, to be investigated.
The creator of the stock-to-flow forecasting model, ‘PlanB' says:
“Forget front running, SEC insiders decide to go full market rigging by flushing out all usable longs .. Wow, just wow.”
Meanwhile, pro-crime Wyoming Sen. Cynthia Lammis called for transparency.
Fraudulent ads can dominate markets, according to SEC social media. We need clarity on what happened.
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
“What if this is an inside job?” asked Gabor Gurbach, a Teter & Van Eyck strategist. they asked. “The only way to stop or slow down the Bitcoin ETF is to create an event like this,” he added.
Bitcoin pioneer and JAN3 CEO Samson Mou has tweeted that the SEC will delay all Bitcoin ETF approvals until Q2, 2024. However, this was also fake news, and the tweet was deleted.
Meanwhile, Bloomberg ETF analyst Eric Balchunas questioned whether it was an inside job. More than 83% of the 12,100 respondents thought it was.
However, fellow ETF analyst James Seifert sees the funny side. He retweeted the SEC's tweet saying the best source of information is the SEC.
BTC Spikes, Dips and Recovers
When the tweet went viral, Bitcoin's price rose to $47,680, but quickly fell to $45,415 within an hour.
The property is currently selling for just $46,000, down 1.6%.
In the year It could be a taster of what will happen if the Bitcoin EFAs are approved on January 10th.
However, those who gambled on the outcome with a lot of leverage will be licking their wounds this morning. Additionally, Gensler and the SEC, who warned against FOMO, appear to have done the exact opposite of their mission of “protecting investors.”
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