Bitcoin ETF

<p data-sourcepos="3:1-3:157">Hackers briefly hijacked the SEC’s X account, unleashing bogus Bitcoin ETF approval news and causing a $90 million liquidation frenzy in futures markets.</p> 
<p data-sourcepos="3:1-3:157"><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-01/1712a437-4c2d-4719-8bf9-0f3678134804.png" alt="1712a437 4c2d 4719 8bf9 0f3678134804" title="SEC hacked: Fake Bitcoin ETF news triggers $90 million liquidation frenzy 11"></p> 
<p data-sourcepos="5:1-5:336">On Tuesday, January 9th, the U.S. Securities and Exchange Commission’s (SEC) official X account (@SECGov) was hacked. Hackers posted two tweets: one suggesting approval of the highly anticipated Bitcoin ETF and another simply stating “$BTC.” These tweets, though quickly deleted, were enough to trigger a rapid swing in Bitcoin prices.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@SECGov</a> twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.</p> 
 <p>— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1744833049064288387?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">January 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 data-sourcepos="7:1-7:43" id="short-lived-surge-and-leveraged-losses">Short-lived surge and leveraged losses:</h2> 
<p><a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin</a> saw a near-$1,000 jump, soaring from $46,800 to $47,680, before plummeting back down to $45,400 as the fake news was exposed.</p> 
<figure id="attachment_26928" aria-describedby="caption-attachment-26928" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="size-full wp-image-26928" src="https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56.png" alt="BTC/USDT 1m chart" width="1835" height="857" srcset="https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56-300x140.png 300w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56-1024x478.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56-768x359.png 768w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56-750x350.png 750w, https://crypto.ro/en/wp-content/uploads/2024/01/BTCUSDT_2024-01-10_11-35-56-1140x532.png 1140w" sizes="(max-width: 1835px) 100vw, 1835px" title="SEC hacked: Fake Bitcoin ETF news triggers $90 million liquidation frenzy 12">
 <figcaption id="caption-attachment-26928" class="wp-caption-text">
  BTC/USDT 1m chart
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<p>Traders, both human and automated, reacted aggressively. Over $500 million in futures positions were opened within ten minutes of the initial tweet. However, this swift action resulted in significant liquidations as prices reversed.</p> 
<p>$50 million in long positions and $36 million in short positions were liquidated due to the volatile market movements.</p> 
<h2 data-sourcepos="13:1-13:53" id="leverage-washed-out-signal-for-lower-volatility">Leverage washed out, signal for Lower Volatility:</h2> 
<p>Liquidation data suggests the sudden price swings effectively reduced leverage in popular Bitcoin futures products, potentially indicating a short-term decline in volatility.</p> 
<p>The incident sparked criticism of the SEC’s security measures, with some questioning their ability to safeguard trillion-dollar markets if their own social media accounts are vulnerable.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@SECGov</a> X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.</p> 
 <p>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1744837121406349714?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">January 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 data-sourcepos="21:1-21:31" id="etf-decision-still-looming">ETF decision still looming</h2> 
<p>A decision on the thirteen proposed Bitcoin ETFs is expected on Wednesday. Bloomberg analysts predict an over 90% chance of approval, while crypto market participants remain slightly more cautious, placing the odds at 85%.</p>

SEC hacked: Fake Bitcoin ETF news triggers $90 million liquidation frenzy

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