The crypto business stays ready fully expecting the endorsement of the main spot Bitcoin trade exchanged reserve (ETF) in the US. Following a social media account hack by the SEC, fake news led to a BTC price pump and dump and a flood of speculation.
On January 9, the X record for the US Protections and Trade Commission was compromised, posting counterfeit news that the spot Bitcoin ETFs had been supported.
Will the SEC delay approving Bitcoin ETFs?
SEC seat Gary Gensler said that an “unapproved tweet was posted,” adding that the organization has not supported the posting and exchanging of spot Bitcoin ETPs
The responses from industry specialists and onlookers were wild, with hypothesis and paranoid ideas flourishing.
Many blamed Gensler and the SEC for being behind the record “hack” and called upon X proprietor Elon Musk to examine.
Stock-to-stream forecast model maker, ‘PlanB’ said:
“Forget front-running, SEC insiders decided to go for full-blown market manipulation, flushing all leveraged longs.. wow, just WOW.” Meanwhile, pro-crypto Wyoming Senator Cynthia Lummis demanded transparency:
“False declarations, similar to the one that was made on the SEC’s virtual entertainment, can control markets. We really want straightforwardness on what occurred.”
Gabor Gurbacs, a strategist at VanEck and Tether, also asked, “What if this was an inside job?” Is the best way to stop or defer a Bitcoin ETF is to make an occasion like this,” he added.
Bitcoin pioneer and JAN3 President Samson Cut tweeted that the SEC will defer all Bitcoin ETF endorsements until Q2, 2024. Nonetheless, this was likewise phony information, and the tweet has since been erased.
In the meantime, Bloomberg ETF analyst Eric Balchunas conducted a survey to determine whether or not it was an inside job. Over 83% of the 12,100 respondents thought it was.
It’s possible that the spike was a preview of what might occur if Bitcoin ETFs are approved on January 10.
Nonetheless, those betting on the result with a ton of influence will recover toward the beginning of today. In addition, it would appear that Gensler, who advised against FOMO, and the SEC have just accomplished the exact opposite of what they set out to do, which is to “protect investors.”