Fake News Sparks Bitcoin Surge and SEC Confusion

Bitcoin’s value briefly soared to nearly $48,000 after a false announcement on the Securities and Exchange Commission’s (SEC) Twitter account, suggesting approval for new cryptocurrency exchange-traded funds (ETFs).

The SEC later clarified that its account was compromised, and there was no approval. X (formerly Twitter) confirmed that the breach was not due to a platform flaw, but an individual gaining control of the SEC’s account through a third party.

The incident highlights the crypto market’s sensitivity to regulatory developments, with investors eagerly awaiting the SEC’s decision on spot Bitcoin ETFs, expected this week.

The confusion emphasizes the challenges in this evolving financial landscape.

(Credit: BBC)


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