Bitcoin steadies after false post on ETF approval sparked swings

Bitcoin dropped to around $45,000 before paring losses after a false post on the US Securities and Exchange Commission’s X account claimed that the agency had approved the issuance of ETFs holding the digital asset.

The regulator subsequently said it had not yet granted approval of spot-Bitcoin exchange-traded funds and that the X account had been compromised. Market participants were caught off guard by Tuesday’s cybersecurity incident. The SEC is widely expected by analysts to announce a decision about the ETF applications on Wednesday in the US.