Investors eager to get in on Bitcoin ETFs will have to wait a little longer after the Securities and Exchange Commission (SEC) said that a post on X announcing their approval was the result of a hack.
“The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” SEC Commissioner Gary Gensler posted on X.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
The price of Bitcoin spiked after the initial post but as of writing is down 2% at $46,003.
The likes of BlackRock Inc (NYSE:BLK), Fidelity and Grayscale have been fighting tooth and nail to get their applications approved through the SEC, with a ruling widely expected this week.
Approval of these ETF applications could provide a substantial uplift in bitcoin’s price, although investors should be wary of a sell-the-news situation, given the level of hype already baked into bitcoin’s spot price.