Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Spot Bitcoin ETFs got another false start today after the X account of the United States Securities and Exchange Commission (SEC) was hacked — posting a fake announcement regarding approval of the ETF product. Just recently, Gary Gensler posted a thread on X reminding investors about the dangers of investing in crypto. Meanwhile, MicroStrategy’s Bitcoin (BTC) gambit is paying off big time so far in 2024. 

SEC account on X is hacked, posting false approval of spot Bitcoin ETFs

The official X account of the United States Securities and Exchange Commission (SEC) was compromised on Jan. 9, leading to a false post suggesting that spot Bitcoin (BTC) exchange-traded funds (ETFs) had been approved.

On Jan. 9, the regulator confirmed its account was compromised, leading to an unauthorized post. The offending tweet was up for approximately 20 minutes before being taken down.

Looking good @GaryGensler pic.twitter.com/c9aHzxQ2OY

— MTCᵍᵐ (@mtcbtc) January 9, 2024

The regulator told Cointelegraph that its staff did not have any involvement in posting the “unauthorized” tweet and an investigation from X has confirmed the account was compromised and did not have two-factor authentication enabled at the time.

The incident caused the price of Bitcoin to surge roughly 2.5% to $47,901 before dropping roughly 7% to $44,701. Meanwhile, crypto X has been speculating what this could mean for the SEC and anticipated Bitcoin ETF approvals.

Meanwhile, several United States lawyers and senators have called on Congress to demand an investigation into the securities regulator after the debacle.

Many are hopeful the incident will not impact the potential approval of a spot Bitcoin ETF.

MicroStrategy’s Bitcoin bags up nearly $1B this year

Business intelligence firm MicroStrategy has netted nearly $1 billion in gains on its Bitcoin holdings so far in 2024, according to industry statistics.

Per Bitcoin Treasuries, the Bitcoin-rich company has seen its BTC bags appreciate by more than $800 million in the first nine days of the year. MicroStrategy currently has 189,150 BTC on its books, with its last purchase occurring on Dec. 27.

#Bitcoin is a reality. It’s a technological marvel, and people need to start recognizing that it’s here to stay. pic.twitter.com/38xywL3U71

— Michael Saylor⚡️ (@saylor) January 2, 2024

Former CEO and current chairman Michael Saylor has seen his Bitcoin stash appreciate by nearly $3 billion. Saylor personally owns more than 17,000 BTC, placing him among the world’s largest Bitcoin whales.

The Bitcoin price is hovering just below $47,000 amid speculation that the U.S. Securities and Exchange Commission will soon approve a spot BTC ETF.

Gensler issues warning on crypto safety

SEC Chair Gary Gensler has issued a series of warnings about the safety of investing in cryptocurrencies — presumably as the regulator gets set to approve a spot Bitcoin ETF, as has been widely reported. 

In a Jan. 8 X post, Gensler reminded the investing public that crypto “can be exceptionally risky” and “often volatile.” He did not specifically mention a Bitcoin ETF. 

A thread

Some things to keep in mind if you're considering investing in crypto assets:

— Gary Gensler (@GaryGensler) January 8, 2024

“Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams,” Gensler said. “These investments continue to be replete w/ fraud- bogus coin offerings, Ponzi & pyramid schemes, & outright theft where a project promoter disappears w/ investors’ money.”

The SEC has yet to approve a spot Bitcoin ETF, though several filers have amended their applications with the commission.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.