The price of Bitcoin, a cryptocurrency, surged to nearly $48,000 on Tuesday after a fake post from the U.S Securities and Exchange Commission surfaced on social media suggesting Bitcoins ETFS were approved.
However, the hike did not last as Bitcoin’s price hovered below $45,000 early Wednesday after the SEC confirmed its accounts were compromised.
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.
According to Gary Gensler, the Chairperson of SEC confirmed that the Commission’s X account was compromised, hence the unauthorized post.
“SECGov X account was compromised, and an unauthorized tweet was posted.
“The SEC has not approved the listing and trading of spot bitcoin exchange-traded products”, Gensler wrote after the fake post surfaced.
The development comes amid heightened expectations of the commission’s anticipated decision on ETF proposals on Wednesday.
