SEC's False Announcement on Bitcoin ETF Approval Causes Wild Swings in BTC Price

Bitcoin experienced significant fluctuations on Tuesday after a false social media post from the SEC about approving a spot bitcoin ETF caused the cryptocurrency to rally to a 19-month high of $47,900 before sharply declining nearly 6% to $45,100. The SEC's account was compromised, and SEC Chair Gary Gensler denied the news, causing over $50 million worth of derivatives trading positions on crypto exchanges to be liquidated within an hour. This was the second instance during the day when a false social media post triggered massive volatility, leading some experts to suggest that bitcoin's upside may be capped until actual ETF inflows occur.