Bitcoin Market 'Manipulating' Allegedly by Crypto Boosters Following an ETF Tweet

Inquiries concerning the SEC's X (formerly Twitter) account hack have been made by lawmakers and proponents of cryptocurrency on Tuesday. This resulted in a fake tweet.
Citing the risk that investors face from market manipulation, the Securities and Exchange Commission (SEC) rejected the initial application for a spot bitcoin exchange-traded fund (ETF) almost seven years ago. It would become a recurring theme for the innumerable rejections that ensued. The regulator needs to provide an explanation.
The fake tweet on Tuesday from the SEC's official X (formerly Twitter) account sent the price of bitcoin into a sharp upswing before it crashed as traders attempted to interpret the seeming approval. It appears that the influential regulator has just approved all potential applications for BTC ETFs, giving bitcoin speculators their much-needed victory a full day ahead of schedule.
The odd post, which included a $BTC cashtag, was obviously a fake. In a matter of minutes, SEC chairman Gary Gensler tweeted from his personal account that nothing had been approved. The response saw the bitcoin markets continue to plummet precipitously.
The entire farce incited angry social media users and lawmakers who support cryptocurrencies to demand an investigation into how the SEC permitted itself to become into a disinformation platform. "Markets can be manipulated by false statements, such as the one posted on the SEC's social media. Senator Cynthia Lummis (R-Wyoming) tweeted, "We need transparency on what happened," following the SEC's confirmation that its account had been "compromised." It was a hilarious turn of events in what many believed to be the last hours of the SEC's resistance to the spot bitcoin exchange-traded fund. The statements made by the SEC itself encouraged traders to overreact to this kind of false information. The regulator tweeted in mid-October, saying, "Be careful with what you read online.
In response to a retracted CoinTelegraph tweet (https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news) indicating that BlackRock's bitcoin ETF application had been approved, the tweet (https://x.com/SECGov/status/1714020932509982771?s=20) read, "The best source of information about the SEC is the SEC."
The first half of that tweet was still credible on Tuesday, but the second half had devolved into absurdity. As numerous analysts have shown, one cannot even trust the SEC given the SEC's current practices. CoinDesk was informed by an SEC representative last week that the agency would first post any decisions on its own private EDGAR database. Naturally, on Tuesday, the general public and even knowledgeable observers disregarded this advice. Rep. Bill Huizenga tweeted in reaction to Gensler, "Does this mean we can blame more of the @secgov's horrible rulemaking and so-called regulation by enforcement on a 'compromised account'?"
Even though it's unclear exactly how the X account was compromised, the SEC's seemingly hacked account sparked uneasy questions about how seriously the agency treated its mission to safeguard itself in order to protect investors, beyond the delicious irony of it all.