Summary
In a wild week for the crypto community, the Securities and Exchange Commission (SEC) Twitter account was hacked, leading to a fake tweet announcing the approval of all pending spot Bitcoin ETF applications. This caused a momentary surge in BTC before it quickly plummeted when SEC Chairman Gary Gensler confirmed the hack and denied the approval. However, just 24 hours later, it was revealed that the spot Bitcoin ETFs had indeed been approved, causing confusion and panic when the SEC’s website crashed. Eventually, it was confirmed that ten spot Bitcoin ETFs had been approved, marking a historic moment for the cryptocurrency’s relationship with traditional finance. Despite the initial chaos, the ETFs successfully launched with high volumes, and by the end of the week, things had settled down.
Key Points
1. The crypto community was eagerly anticipating the approval of the first spot Bitcoin ETFs in Wall Street’s history, which would have significant implications for the cryptocurrency market. However, a fake tweet from the Securities and Exchange Commission’s (SEC) Twitter account initially announced that all pending spot Bitcoin ETF applications had been approved, causing confusion and excitement in the crypto community.
2. Shortly after the fake tweet, SEC Chairman Gary Gensler clarified that the agency’s Twitter account had been hacked and that the approval tweet was not genuine. This revelation caused the price of Bitcoin to plunge, and users criticized the SEC for its lack of cybersecurity measures despite advocating for them in other companies.
3. The confusion continued when rumors spread that the spot Bitcoin ETFs had actually been approved, and this time, the confirmation was listed on the SEC’s website. However, the website crashed, leading to further panic. Eventually, it was confirmed that the SEC had indeed approved ten spot Bitcoin ETFs, marking a historic moment for the cryptocurrency and its relationship with traditional finance. The ETFs debuted with high volumes, and the week ended with the market stabilizing and people looking towards the next developments in the crypto space.