Jan 9, 2024 - Business

Bitcoin prices spikes after SEC social media compromised

An image of a fake social media post shared on X.

Screenshot: The since deleted, fake post on @SECGov on X.

Bitcoin price briefly spiked to $47,680 Tuesday after a since-deleted U.S. Securities and Exchange Commission tweet claimed national exchanges were approved to list Bitcoin ETFs.

Why it matters: The bitcoin community has long believed an exchange traded product carrying actual bitcoins could be an ideal starting place for a meeting between blockchain and digital finance.

  • Among major media outlets, CNBC picked up the news as did Bloomberg TV.

What they're saying: SEC's communications staff swiftly emailed Axios and other reporters to say, "The SEC's @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff."

Of note: Some SEC-regulated exchanges are expected to receive approvals to list such ETFs as soon as Wednesday.

Flashback: In July, the SEC put out rules for regulated entities to disclose material cybersecurity incidents.

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