Bitcoin experiences a 3% decline in value due to a fabricated approval claim for a spot Bitcoin ETF by the SEC.

An unidentified group of hackers took control of the United States Securities and Exchange Commission (SEC) X account, where they posted a fabricated announcement indicating approval for a spot Bitcoin ETF. On January 9, SEC Chair Gary Gensler refuted the misleading message, asserting that no spot Bitcoin ETF approvals had been granted. Gensler clarified the compromise of the SEC’s official X account, emphasizing the lack of actual approval.

bitcoin etf

This incident is part of a recurring pattern where hackers manipulate information to mislead both crypto enthusiasts and the general public, particularly during heightened anticipation for such financial products. In a similar event in December, a fraudulent XRP ETF was registered in Delaware, falsely attributing the filing to BlackRock. Despite BlackRock promptly dispelling the rumors, the value of XRP surged by 12% within 30 minutes.

Bitcoin Etf

The falsified approval news for the Bitcoin (BTC) ETF quickly gained widespread attention, accumulating millions of views shortly after its dissemination. Consequently, the price of BTC experienced a 3% decline in response to the misleading information.

bitocin price
BTC price after fake spot Bitcoin ETF approval | Source: TradingView

Whether the spot Bitcoin ETF is approved will lead to the rise and fall of the price of Bitcoin. However, the income generated by Bitcoin machine mining will not be greatly affected by this. Miners only need to sell their Bitcoins when Bitcoin rises to benefit.

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