A tweet from Gary Gensler was minted into an Ordinal NFT, which caused searches for Bitcoin spot exchange-traded funds (ETFs) to skyrocket.
As the market is eagerly awaiting whether the Bitcoin spot ETF application will be approved this week, the SEC’s official X platform account released a message this morning (10) News about Bitcoin spot ETF approved and available for trading. However, SEC Chairman Gary Gensler then urgently tweeted to clarify, saying that the SEC account had been stolen and that the tweet was not authorized. This incident caused chaos and uncertainty in the market, while also highlighting the security risks of the digital asset industry.
SEC’s false news caused violent fluctuations in the price of Bitcoin. At around 5 o'clock this morning, the price of Bitcoin was close to US$48,000, and then quickly fell by US$3,000, once falling below the US$45,000 mark. As a result, in the past 24 hours, the total amount of cryptocurrency liquidation across the entire network exceeded 220 million US dollars, and more than 73,000 investors were liquidated.
Interestingly, after the SEC released false news, the Google search popularity of Bitcoin ETF soared to the highest value of 100 in the United States, setting a record high. This trend shows investor attention and interest in Bitcoin ETFs. Dennis Porter, founder of Satoshi Action Fund, is happy with the SEC’s excellent performance in marketing Bitcoin. He believes that the SEC’s false news has successfully aroused public interest and played a positive role in promoting Bitcoin.
Digital artist Billy Restey announced today that Gary Gensler’s clarifying tweet will be permanently saved on the Bitcoin blockchain through Ordinals engraving, with the serial number 53,995,422 . This is done simply to remind us not to forget this tweet, which has been immortalized on Bitcoin.
At the same time, many U.S. senators publicly criticized the SEC. Among them, Republican Senator Bill Hagerty of Tennessee said that the SEC committed crimes against a listed company. It is unacceptable that Congress should take responsibility for making such a huge market mistake, and that Congress also needs the SEC to explain what just happened.
Wyoming Republican Senator Cynthia Lummis mentioned that fraudulent announcements have the potential to manipulate the market by publishing on SEC social media platforms. She stressed the importance of transparency into market conduct.
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