The U.S. Securities and Exchange Commission (SEC) was suspected of being hacked this morning, as it released false information approving a Bitcoin spot ETF, causing significant market turmoil. After the false news was released, the Google search popularity for Bitcoin spot ETF skyrocketed to 100, reaching an all-time high. Interestingly, SEC Chairman Gary Gensler’s tweet debunking the rumor was turned into an Ordinals NFT.
(Content summary:
Fake! SEC Twitter account (X) hacked, releasing “spot ETF approved” false news, causing Bitcoin to surge to $48,000 and then plummet rapidly.)
(Background information:
Bitcoin spot ETF approval “most crucial week”, five key details to watch for.)
Summary:
Bitcoin ETF search popularity soars to 100
Gensler tweet turned into Ordinals NFT
U.S. senators urge SEC to take responsibility
As the market eagerly awaited the approval of the Bitcoin spot ETF this week, the official SEC X platform account suddenly released news stating “Bitcoin spot ETF approved and available for trading.” However, SEC Chairman Gary Gensler quickly tweeted to clarify that the SEC account had been hacked and the tweet was unauthorized.
The false news from the SEC triggered significant volatility in the price of Bitcoin. It briefly approached $48,000 around 5 am this morning, then tumbled by $3,000, falling below the $45,000 mark. This led to a cumulative liquidation amount of over $220 million in the past 24 hours across the entire cryptocurrency network, affecting more than 73,000 investors.
Further reading:
Fake! SEC Twitter account (X) hacked, releasing “spot ETF approved” false news, causing Bitcoin to surge to $48,000 and then plummet.
Interestingly, after the SEC released the false news, Google search trends showed that the Google search popularity for Bitcoin ETF in the United States reached its highest value of 100, setting a new record. Dennis Porter, founder of Satoshi Action Fund, jokingly mentioned that the SEC is very effective in marketing Bitcoin.
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Image source: Google search trends
In addition, digital artist Billy Restey announced today that he has engraved Gary Gensler’s clarification tweet on the Bitcoin blockchain through Ordinals, preserving it permanently. The ordinal number is 53,995,422.
Meanwhile, several U.S. senators publicly condemned the SEC. Republican Senator Bill Hagerty from Tennessee stated:
Republican Senator Cynthia Lummis from Wyoming stated:
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