Fallout From Falsely Confirmed Approval of Spot BTC ETFs + More Crypto News
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Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International, commented on the recent compromise of the US Securities and Exchange Commission (SEC)’s Twitter account, which falsely confirmed approval of all spot Bitcoin exchange-traded funds (ETFs) in the country.
Breaking the crypto news space, this event occurred yesterday at 21:11. Then, 15 minutes later, at 21:26 UTC, the SEC chief Gary Gensler tweeted from his account that the SEC had not approved the listing and trading of spot bitcoin ETFs. XSafety, the official Twitter account providing security updates, confirmed the hack.
Many attributed the significant sell-off to be caused by the fake news, with BTC’s price dropping from almost $48,000 to below $45,000 before rebounding and stabilizing in the range between $45,000 and $46,000 overnight, said Greco in an email.
“However, a closer analysis of the price action reveals a different narrative.”
At 21:11 UTC, the BTC price was around $46,700. The price immediately spiked, reaching $47,400 in one minute and reaching its highest point of about $48,000 only four minutes later.
At that level, BTC dropped back to $46,700 in just one minute, the same price recorded five minutes before, in correspondence to the SEC’s announcement.
From there, the price continued to dip, reaching a minimum of about $44,750 at 21:25 UTC, exactly one minute before Gary Gensler’s tweet.
After the revelation of the fake news, BTC price stabilized in the range between $45,500 and $46,000. At the time of writing, BTC is trading at
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