SEC is hacked
How can a serious process be turned into a real circus performance? All you have to do is work for the SEC. We’ve been talking a lot about approving Bitcoin ETF and all of a sudden, there’s an event going on that can be defined as clowning.
"X" announced the approval of Bitcoin-ETF. Bitcoin price immediately jumped on the stock exchange and was about to start a big rally. However, the joy was premature.The SEC later reported that their account had been compromised and the ETF approval message was a complete fake.
The market froze in bewilderment.The expected collapse after information about fake approval did not happen. And what was that? Again, we return to the claim that the cryptocurrency market is deficient. It’s too small and too volatile, so it’s subject to rumors.
We are dealing with a classic manipulation: the audience is warmed up, eagerly waiting for positive news, and suddenly comes this long-awaited news, and from a credible or rather, from a source that may seem credible.Experienced market wolves perceived the news as true, and the stock market reacted immediately with growth.
I don’t think it was just hooliganism.It’s just that someone wanted to gamble on the stock market. And he won the first game and at the same time put the commission in an uncomfortable position. What really bothers me is the fact that you can just manipulate the market like that. I understand that Bitcoin-ETE approval is an important event, but it does not affect the fundamentals of crypto business.The regulator allows a particular company to issue some bitcoin-related securities. Since there are no major projects with the use of Bitcoin, everyone focused on the ETF, giving it hypertrophic interest.This suggests that a stable market does not yet exist.
As for hacking the SEC account, I don’t see a big conspiracy here.Just some hacker crew taking advantage of the commission’s casual approach to computer security. Once again, I note how a relatively unpleasant but common event has such global consequences.