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Digital Currency: Fake Bitcoin Decision by US Authority Confuses Crypto Industry

Shortly before the expected decision on whether to allow Bitcoin exchange-traded funds (ETFs) in the US, a hoax has confused the industry. On the X account of the SEC supervisory authority it could be read that the way for a listing of the funds was clear. Shortly thereafter, however, SEC chief Gary Gensler said that the SEC account on X had been “compromised.” “An unauthorized tweet” had been posted, he said. The SEC has not approved the listing and trading of Bitcoin exchange-traded products, he added.

X said it could confirm that the SEC user account was compromised. A preliminary investigation indicates that an unidentified individual gained control of a phone number that was linked to the SEC account. A security measure to protect against hackers, the so-called two-factor authentication, was not activated in the SEC account.

After the false report, the price of the largest and best-known digital currency, Bitcoin, initially rose to $48,000 before falling to under $45,000.

A decision from the SEC on Bitcoin ETFs is expected on Wednesday. If it approves the funds, it would be a turning point for the industry, which has been trying to bring the product to market for a decade. From the perspective of experts, it would probably lead to increasing investor interest.

The value of the currency had recently benefited significantly from speculation about a positive decision: since mid-October alone, the Bitcoin price had increased by 76 percent.

Despite recent price gains, Bitcoin is still far from its record high. This was marked at just under $69,000 in November 2021. Just over a year ago, Bitcoin had slipped below the $16,000 mark. At that time, turbulence on the crypto market in connection with the crypto exchange FTX caused a price collapse.

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