Bitcoin price spikes and dips following fake SEC spot bitcoin ETF approval
Quick Take
- The price of bitcoin experienced a sharp rise and decline Tuesday afternoon following a fraudulent post on a major regulator’s social media page.
- A fake post from the U.S. Securities and Exchange Commission claimed a spot bitcoin ETF had been approved, though The Block confirmed it was fake.
The price of bitcoin spiked and dipped following a fake post from the U.S. Securities and Exchange Commission claiming it had approved the long awaited spot bitcoin exchange-traded fund.
Bitcoin 
BTC
-0.19%
's price rose to around $47,950 before crashing to $45,285, according to The Block's Price Page for bitcoin. The token is now changing hands at $45,881 at 4:38 p.m. ET.
Price spike of bitcoin. Image: The Block Prices Page
The fake post
At 4:11 p.m. ET, the fake post pushed out from the U.S. Securities and Exchange Commission's X account wrote, "Today the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection."
The post also included what appeared to be a quote from SEC Chair Gary Gensler stating, "Today’s approval enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework."
However, The Block has since confirmed that its X account had been compromised and that the post regarding spot bitcoin ETFs was fraudulent.
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