SEC account hacked to say bitcoin ETFs approved but it wasn't

<p>It's a total snafu in crypto-land as Gary Gensler says the SEC twitter account was hacked after it initially posted that all bitcoin ETFs were approved.</p><p>His tweet came around 10 minutes after the SEC's official account tweeted this:</p><p>For a hack, they certainly did a great job of making it look official. However if you have access to the SEC account, this is a dumb way to abuse something that might get you a visit from the FBI. </p><p>I <a href="https://www.forexlive.com/Cryptocurrency/why-the-spot-bitcoin-etf-will-be-approved-20240109/" target="_blank" rel="follow">wrote today</a> about why it will be approved but I didn't have it unfolding like this on my bingo card. This is a real blackeye for an organization that's supposed to be in charge of investor protection.</p><p>There was some thinking that it was actually Gensler's account that was hacked but other SEC accounts have now confirmed that the main one is the victim.</p><p>Here is the price action, which showed a strong bias towards 'sell the fact' initially but then actually rallied when it wasn't yet time to 'sell the fact'.</p><p>There are the would-be tickers:</p><ul><li>BITWISE <a dir="ltr" href="https://twitter.com/search?q=%24BITB&amp;src=cashtag_click" role="link">$BITB</a></li><li>ARK <a dir="ltr" href="https://twitter.com/search?q=%24ARKB&amp;src=cashtag_click" role="link">$ARKB</a></li><li>INVESCO <a dir="ltr" href="https://twitter.com/search?q=%24BTCO&amp;src=cashtag_click" role="link">$BTCO</a></li><li>BLACKROCK <a dir="ltr" href="https://twitter.com/search?q=%24IBIT&amp;src=cashtag_click" role="link">$IBIT</a></li><li>WISDOM TREE <a dir="ltr" href="https://twitter.com/search?q=%24BTCW&amp;src=cashtag_click" role="link">$BTCW</a></li><li>VANECK <a dir="ltr" href="https://twitter.com/search?q=%24HODL&amp;src=cashtag_click" role="link">$HODL</a></li><li>FRANKLIN <a dir="ltr" href="https://twitter.com/search?q=%24EZBC&amp;src=cashtag_click" role="link">$EZBC</a></li><li>FIDELITY <a dir="ltr" href="https://twitter.com/search?q=%24FBTC&amp;src=cashtag_click" role="link">$FBTC</a></li><li>GRAYSCALE <a dir="ltr" href="https://twitter.com/search?q=%24GBTC&amp;src=cashtag_click" role="link">$GBTC</a></li></ul><p>Here are the proposed fees:</p><p>When the announcement comes, it will be a horserace to get the most AUM because there is a long history of volume convergence in identical ETFs. It's a winner-take-all market.</p><p>I wonder if this SNAFU pushes out the timeline for actual approval.</p>

This article was written by Adam Button at www.forexlive.com.