Following an erroneous tweet from the SEC Twitter account announcing the approval of a Bitcoin ETF, Gary Gensler quickly reacted by denying this information. This denial was captured and transformed into a piece of digital art, registered as an Ordinal on the Bitcoin blockchain.
Fake announcement of SEC approval of a Bitcoin ETF
The official X account of the US SEC announced that it has approved Bitcoin ETFs. However, SEC Chairman Gary Gensler immediately denied this information. He tweeted that the agency’s account had been compromised and used to make a fake endorsement. In reality, the SEC has (yet) not approved any Bitcoin ETF. According to the digital artist Bill Restey, Gensler’s tweet was immortalized forever. In fact, he has registers Gensler’s response as an ordinal on the Bitcoin blockchain.
More than 53 million Ordinals registrations have been created since the protocol was introduced last January. Gensler’s tweet attributed to Restey is entry number 53,995,422.
These Bitcoin Ordinals are often compared to Ethereum-based NFTs. Updates to the Bitcoin protocol have indeed allowed enthusiasts to create currencies in all areas. On Monday, Ninjalerts, for example, announced the listing of a Super Nintendo Entertainment System emulator on the largest blockchain in the world.
Volatility on the price of BTC
The tweet from the American regulator on the approval of a spot BTC ETF went around the world. However, when it was proven false, Bitcoin price plunged from $47,680 to just over $45,500. Currently, the flagship crypto is trading at $45,700 on Binance. The president of the SEC then reminded investors of the importance of securing their accounts.
This false announcement comes at a time when the financial world is eagerly awaiting the SEC’s decision on spot Bitcoin ETFs. Currently, more than 13 ETF proposals are awaiting approval from the regulator to be marketed. Among these proposals are those of BlackRock, Fidelity, Bitwise and VanEck. VanEck CEO suggests trading in these ETFs could begin as early as Thursday.
Faced with the SEC’s imminent decision, the stock market Bitcoin exposed to high volatility for today. Crypto investors are therefore called upon to exercise caution.
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