The news of the SEC's approval of BTC ETFs woke me up.
In today's article, we take a look at the SEC's BTC ETF approval mishap starting at 6:00 AM ET as an hourly event. The BTC and ETH prices presented are taken from charts on the OKX crypto exchange.
06:11 am. SEC official X (Twitter) tweets. Approves all BTC ETFs that have filed for listing on a national securities exchange as of today. Approved BTC ETF securities must work to ensure ongoing investor protection, and the SEC will continue to oversee surveillance and compliance. After this event, the price of bitcoin jumps by 2K from $46.5K to $48.5K. The reporter thinks: "Should I buy bitcoin now?
06:15 am. Bitcoin fails to break the 48K selling barrier and plummets. At the same time, Ethereum skyrockets. The reporter thinks: "I should buy Ethereum, but not Bitcoin"?
06:26 am. Bloomberg analyst James Seyffart tweets: "Couldn't have predicted the unusual situation of SEC announcing approval via X (Twitter). It's unusual. ', he tweets. The confusion grows.
06:26 am. As I start my car for work and look at the charts on my phone, the price of bitcoin plummets. To about $44.6K, according to a tweet from then-SEC Chairman Gary Gensler on X (Twitter). The SEC's official X (tweeter) account has been compromised and has not authorized the listing and trading of unauthorized spot BTC as an exchange-traded product. I'm confused.
06:40 am. It is confirmed that the SEC has taken action against X. The authorization tweet has been deleted and something similar to Gary Gensler's tweet has been posted. In the confusion, the price of bitcoin moves, but never returns to its highs. Around the same time, Bloomberg's Eric Balchunas claims that the approval was a sure thing between the 16th and 17th, whether it was a mistake or not. Ethereum rises to 2,37K, then briefly falls.
06:46 am. A TechCrunch reporter says it's true that the SEC's X account was hacked. He adds that no one from the SEC wrote the post.
06:50 am. According to CoinGlass, about $81M in liquidations have been confirmed in the last hour.
07:03 am. A US financial lawyer argues that if the hackers were trying to hack the SEC account to spread FUD, they would have tweeted a denial of approval, so the approval is a done deal. A Bloomberg analyst defends it. The reporter, who is an ant, lets go, thinking he can't do anything about it.
07:30 am. Bloomberg analyst James Seyffart thinks it's just a matter of timing and that the misinformation won't change the outcome. He still thinks it will be approved on Jan. 10 and trading will begin on Jan. 11.
07:40 am. U.S. Senator Bill Hagerty tweets that the SEC's handling of the breach is inexcusable. He plans to demand answers from Congress. A Fox Business reporter calls on the SEC to conduct its own investigation to get to the bottom of what happened. The founder of Gemini says the SEC's security team is in danger of being sued.
07:50 am. Nearly every news outlet and media researcher the reporter knows of corrects the story.
08:30 am. Bloomberg analyst Eric Balchunas argues that the SEC tweet was not hacked and that it was a mistake, with content from a scheduled tweeter being tweeted out early.
08:40 am. The SEC says it will work with law enforcement to investigate the hack.
09:00 am. Ethereum hits the golden cross: I should have bought Ethereum. Hindsight is 20/20.
09:01 am. A journalist sits at his laptop and writes an article as if nothing has happened. The ants can't do anything. However, I think I'll have to cancel my plans for the weekend. And Ethereum remains at a high price.
