• Despite false Bitcoin ETF approval news, Bitcoin’s price surged to $47,800, indicating strong market resilience and readiness for integration with mainstream financial systems.
• The incident raised security concerns and skepticism within the crypto community, especially regarding the SEC’s internal security measures.

Following a CNF update, the SEC’s decision on the much-anticipated Bitcoin ETF has been unexpectedly deferred to Monday, after a possible insider hack of the SEC’s account. This development, which counters earlier expectations, has increased market uncertainty. Safety X has officially confirmed the compromise of SEC X accounts, adding to the unfolding situation.

Safety X confirmed the compromise of the SEC’s Twitter account, SECGov. Their investigation revealed that the breach occurred through unauthorized access to a phone number associated with the account and not due to a system failure on their part. Notably, the account was not protected by two-factor authentication (2FA) at the time of the compromise. They have since emphasized the importance of this additional security layer.

Market Reaction and SEC’s Security Lapse

The crypto community expressed skepticism regarding the lack of 2FA on a critical regulatory account, especially since SEC Chair Gary Gensler has been an advocate for robust security measures. Fox Journalist Eleanor Terrett highlighted this irony in her tweet, questioning why Gensler did not follow his own advice.

Questioning the Narrative Around the SEC Hack

The cryptocurrency market, known for its volatility and susceptibility to manipulation, has been rife with speculation about this incident. I voiced my suspicions on Twitter, questioning the possibility of a targeted attack on Gensler’s account in relation to the Bitcoin ETF news.

Bitcoin’s Price Surge and Market Resilience

Despite the turmoil and skepticism, Bitcoin’s price remarkably rose to $47,800, showcasing the market’s resilience. This surge provides a glimpse into what could happen if the Bitcoin ETF were to be approved. At the moment of this writing, Currently, as illustrated by the graph below, Bitcoin is priced at $45,444.48, reflecting a decrease of 2.55% over the last 24 hours and a climb of 0.34% over the past week.

This event has underscored Bitcoin’s readiness for Wall Street and its robustness against negative news. The small negative impact following the fake ETF approval news is a testament to the cryptocurrency’s resilience and potential for growth.

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