This morning, between 05:00 and 05:30, the cryptocurrency market experienced a brief and intense fluctuation, with BTC's volatility reaching nearly 8%, causing a total market value evaporation of nearly $31 billion. This fluctuation was triggered by a message released on the official X platform of the U.S. Securities and Exchange Commission (SEC): the approval of the listing of a physically-backed Bitcoin ETF. However, all of this turned out to be a misunderstanding!
Timeline
At around 05:15 this morning (GMT+8), the SEC posted (the tweet has been deleted) on its official X account: "The SEC has approved the listing of a physically-backed Bitcoin ETF on all registered national securities exchanges. The approved Bitcoin ETF will be subject to ongoing supervision and compliance measures to ensure continued protection of investors."
Affected by this news, BTC surged by over 1400 points, reaching the $48,100 mark, and driving the entire market's value to increase by $36.7 billion.
Then at 05:26, SEC Chairman Gary Gensler tweeted to clarify that the SEC's official Twitter account had been compromised, and the approval of the physically-backed Bitcoin ETF was fake news!
As soon as this news came out, the market instantly plummeted, with BTC falling sharply by 7.66% to around $44,410, and altcoins generally following suit, causing a total market value evaporation of $67.4 billion!
Main Force Trends
Before the fluctuation, according to AICoin's main force large order signal, Coinbase's BTC/USD main force was optimistic about the SEC's approval result, with a sell order of $51.55 million (the price needs to rise to execute the sell order above), betting on the $47,500 to $49,500 range, and heavily positioning at $49,250 and $50,000. After the fake news appeared, BTC rose as expected, and the sell orders in the $47,500 to $47,910 range were executed.
Currently, Coinbase's main force direction remains unchanged, still placing large sell orders. For specific details, please set the AICoin Main Force Large Order Tracking indicator and monitoring alerts: https://www.aicoin.com/vip/chartpro
Market Reaction
Some market views believe that this series of events at the SEC may reflect its internal agenda or potential cooperation with market manipulators.
Bloomberg analyst Eric Balchunas pointed out that this was not the work of hackers, but rather an operational mistake by SEC insiders, who mistakenly released the ETF approval news ahead of schedule. He presented several reasons:
- The wording of the "fake" news released by the SEC was rigorous and did not seem like a prank.
- The timing of the news release logically fits better for the next day, preparing for Thursday trading.
- If it was a hacker attack, the hackers would have released a message stating "ETF has not been approved," allowing for greater profit potential from short positions.
- A hacked account generally would not be restored so quickly.
There are also views pointing out that the approval of the ETF led to a sharp decline, and the SEC news was just a cover-up, similar to the events of Tesla's support for Bitcoin payments and Amazon accepting Bitcoin as a payment method in 2021.
Tennessee Senator Bill Hagerty believes that the U.S. Congress needs to respond to the "SEC official Twitter account being hacked to release fake news of ETF approval," and the answer currently provided by the SEC is unacceptable.
As for the specific outcome, we will await the final result early Thursday morning. At that time, the market may experience significant fluctuations again. You can stay tuned to AICoin's flash news for real-time market information and set price alerts in advance to monitor price movements in real time.
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