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.
Bitcoin price surges before tumbling after fake U.S SEC post
