The price of Bitcoin experienced wild swings today after the official Twitter account of the US Securities and Exchange Commission (SEC) was hacked and a fraudulent tweet was posted at 4:11PM EST on Tuesday, announcing approval of a spot Bitcoin exchange-traded fund (ETF).

15 minutes later, SEC chair Gary Gensler issued a statement warning that the agency’s account had been compromised, resulting in an “unauthorized tweet,” and denying any approvals had been granted, sending Bitcoin’s price tumbling after the initial surge.

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

Bitcoin’s price spiked from around $46,600 to $47,680 following the fake SEC tweet, marking what appeared to be a two-year price high for the leading cryptocurrency, according to data from CoinGecko. However, Bitcoin’s price plunged nearly $45,500 after Gensler quickly confirmed that regulators “have not approved the listing and trading of spot Bitcoin exchange-traded products.”

Charles Gasparino Senior Correspondent at FOX Business Network tweeted:

BREAKING: Securities lawyers tell @FoxBusiness the @SECGov will have to investigate itself for market manipulation after moving the price of $BTC up and down following the hacked tweet t

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Author: Diego Almada Lopez

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