It’s been the craziest week crypto has had in a long time. And that’s saying quite a bit.
After months of heightened anticipation, the cryptocurrency community entered this week expecting to finally deliver its first approved product after years of waiting. Bitcoin ETF Spot In the history of Wall Street.
Nerves were always top notch and potentially trillions of dollars Value of asset exposure to Bitcoin. Then, a day before analysts predicted a verdict would be reached, a post on the Securities and Exchange Commission’s (SEC) Twitter account announced that all pending Bitcoin ETF applications on its desk had been approved.
Crypto Twitter exploded with jubilant euphoria. BTC has started pumping. Then, less than 10 minutes later, SEC Chairman Gary Gensler posted a tweet claiming the agency’s account had been hacked.
that much @SECGov The Twitter account was compromised and unauthorized tweets were posted. The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.
Joy quickly turned to sadness. BTC’s gains immediately soured as the cryptocurrency began to fall. rush. Cryptocurrency users were shocked. In addition to the whiplash of the afternoon incident, I was struck by the seemingly blatant hypocrisy of the SEC, which routinely recommends under its authority that companies enact stringent cybersecurity measures but has failed to enact such measures itself.
We can verify your account @SECGov It has been damaged and a preliminary inspection has been completed. According to our investigation, this compromise was not caused by a breach of X’s systems, but by an unknown individual taking control of the phone number…
Twitter users oscillated between mocking the incident and worrying that it could negatively impact the Bitcoin ETF filing scene before the SEC.
Just 24 hours later, denizens of cryptocurrency Twitter, primed to analyze breaking news more carefully, began hearing rumors that a spot Bitcoin ETF had indeed been approved, and this time the actual evidence was listed on the SEC’s website.
However, moments later, the SEC website crashed, causing confusion once again and leaving many people panicking.
Unfortunately, I was relieved when the news was confirmed just a few minutes later. historical actionThe SEC actually approved 10 spot Bitcoin ETFs, permanently changing the relationship between cryptocurrencies and traditional finance and the U.S. economy.
The celebration continued into Thursday, with competing ETFs debuting on impressively high trading volumes.
But after all the thrilling and dizzying twists and turns, the dust settled by the end of the week. The Bitcoin ETF was doing well, and many Degens were scratching their heads about what to pay attention to next after months of breathless thinking.
Edited by Ryan Ozawa.
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