Bitcoin Price Soars and Plunges After Fake SEC Spot Bitcoin ​ETF Approval

Bitcoin prices soared and then fell after a fake post from the U.S. Securities and Exchange Commission (SEC) approving the long-awaited spot Bitcoin exchange-traded fund (ETF).

Bitcoin BTC

-2.77%
According to , the price rose to around $47,950 and then plummeted to $45,285. This is The Block’s Bitcoin price page. The token is currently trading at $45,881 at 4:38 PM ET.

Bitcoin price soars. Image: Block Pricing Page

fake post

At 4:11 PM ET, a fake post leaked from the U.S. Securities and Exchange Commission’s ​​ETFs will be subject to ongoing screening, oversight and compliance measures to ensure ongoing investor protection.”

The post appears to quote SEC Chairman Gary Gensler as saying, “Today’s approval improves market transparency and provides investors with efficient access to digital asset investments within a regulated framework.” Content was also included.

However, The Block has since confirmed that the X account was compromised and that the post about a spot Bitcoin ETF was a scam.

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