Bitcoin price plunges after SEC says X account ‘compromised’ amid false ETF approval announcement

Bitcoin’s price swung after the US Securities and Exchange Commission said that a post on X claiming a spot Bitcoin exchange-traded funds was approved was not authorised by the agency.

“The SEC’s @SECGov X/Twitter account has been compromised,” a spokesperson told DL News. “The unauthorised tweet regarding bitcoin ETFs was not made by the SEC or its staff.”

Bitcoin rocketed to about $47,900 after the post on X, then plunged to as low as $45,900 during the confusion.

Anticipation of an approval, and broader access to Bitcoin that it would bring, has helped drive the price of the digital asset over the past few months. Bitcoin has soared more than 72% since BlackRock’s filing in June.

This story is developing. A previous version of this article cited the incorrect X post in claiming the ETFs had been approved.

Adam Morgan McCarthy is a markets correspondent for DL News. Have a tip? Contact the author at adam@dlnews.com.