The price of bitcoin swung wildly on Wednesday morning after the financial regulator in the United States appeared to approve exchange-traded funds based on the spot price of the cryptocurrency. But the Securities and Exchange Commission (SEC) shortly after said the announcement, in a post on X, was not made by its staff, confusing investors and sending the bitcoin price lower.
The price of bitcoin swung wildly on Wednesday morning after the financial regulator in the United States appeared to approve exchange-traded funds based on the spot price of the cryptocurrency. But the Sec urities and Exchange Commission ( SEC ) shortly after said the announcement, in a post on X, was not made by its staff, confusing investors and sending the bitcoin price lower.
Gary Gensler, the SEC’s chairman, said the regulator’s account on X, formerly Twitter, had been compromised, and an unauthorised post had been published on the platform. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” Mr Gensler said. “The SEC has determined that there was unauthorised access to and activity on the @SECGov x.com account by an unknown party for a brief period of time shortly after 4 pm ET,” the spokesperson for the regulator said in an emailed statement. “That unauthorised access has been terminated
Bitcoin SEC Exchange-Traded Funds Cryptocurrency Price Swing