{"id":226742,"date":"2024-01-10T05:26:49","date_gmt":"2024-01-09T23:56:49","guid":{"rendered":"https:\/\/dripp.zone\/news\/secs-bitcoin-etf-post-sparks-market-manipulation-meme-frenzy-crypto-news\/"},"modified":"2024-01-10T05:26:53","modified_gmt":"2024-01-09T23:56:53","slug":"secs-bitcoin-etf-post-sparks-market-manipulation-meme-frenzy-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/secs-bitcoin-etf-post-sparks-market-manipulation-meme-frenzy-crypto-news\/","title":{"rendered":"SEC’s Bitcoin ETF Post Sparks Market Manipulation Meme Frenzy – Crypto News"},"content":{"rendered":"

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The U.S. Securities and Exchange Commission (SEC) took around fifteen minutes to dismiss its Bitcoin ETF approval post on X as false. While the Bitcoin price<\/a> was well within range amid the chaos, memes against the SEC have created havoc.<\/span><\/p>\n

Notably, the cryptocurrency market experienced a brief period of volatility. But Bitcoin\u2019s value swung within a $1,000 range. The king coin took a downturn as SEC Chair Gary Gensler\u2019s post on X clarified the bogus approval news, wiping out the short-lived gains. According to TradingView\u2019s Bitcoin to USD daily charts, Bitcoin fluctuated between $46,700 and $47,800 during this episode.<\/span><\/p>\n

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Before this incident, Bitcoin<\/a> had shown strong performance, breaking past the $47,000 mark on Tuesday. Despite a modest retreat, BTC stood at $45,900 at the time of reporting.<\/span><\/p>\n

SEC \u2018should investigate itself\u2019<\/h2>\n

The identity of the hacker responsible for the false post on SEC\u2019s official X account is unknown. While the SEC is expected to investigate the breach, the crypto community had a field day with memes.<\/span><\/p>\n

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Turns out the SEC was behind all the market manipulation after all. pic.twitter.com\/ey1SmseOAz<\/a><\/p>\n

\u2014 _Check\u0271ate \ud83d\udd11\u26a1\ud83c\udf0b\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) January 9, 2024<\/a><\/p>\n<\/blockquote>\n

Ripple CEO Brad Garlinghouse said in a post, \u201cDays like this remind me that 1\/ the SEC should be investigating itself for multiple things 2\/ crypto Twitter remains undefeated in memes.\u201d<\/span><\/p>\n

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Meanwhile, the swift recovery of the SEC\u2019s X account got crypto trader Bob Loukas insinuating that such efficiency might point to an inside job. Speculation is rife within the crypto community about whether the SEC\u2019s \u2018premature\u2019 post regarding Bitcoin ETF approval was a blunder subsequently retracted, rather than a hack as stated.<\/span><\/p>\n

Caitlin Long, the founder and CEO of Avanti Financial Group, posed<\/a> a hypothetical scenario involving Elon Musk potentially having IP address evidence of the post\u2019s origin. <\/span>In a separate response, Elon Musk remarked, \u201cIt does seem like automatic destruction of government documents would be seriously illegal.\u201d<\/span><\/p>\n

Whistleblower Edward Snowden chided SEC Chair Gary Gensler for the oversight and joked about his own infamous history of leaks.<\/span><\/p>\n

That said, the episode does underline serious concerns about cybersecurity, particularly within regulatory institutions.<\/p>\n

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\u2713 Share:<\/p>\n

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