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The Bitcoin BTC/USD community was abuzz following a compromised tweet from the Securities and Exchange Commissions (SEC) X account, which falsely declared the approval of all thirteen spot Bitcoin ETFs. Following official confirmation that no such approvals had been granted, the price of Bitcoin saw a sharp dip.
What Happened: SEC Commissioner Gary Gensler addressed the misleading tweet, affirming the accounts breach.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. Gary Gensler (@GaryGensler) January 9, 2024
A digital artist known as Billy Restey took to immortalizing Genslers statement on the Bitcoin blockchain. Just so we dont forget, this tweet has been immortalized on Bitcoin forever, Restey tweeted.
just so we don’t forget..
this tweet has been immortalized on Bitcoin forever..
? https://t.co/ipV76F9gCO pic.twitter.com/RcypVCkKQO billy (@billyrestey) January 9, 2024
Bitcoins value plummeted from $47,680 to slightly above $45,500 as the initial fake news spread, causing considerable market volatility.
With over 53 million Ordinal inscriptions to dateintroduced in Januarythe Gensler tweet, replicated by Restey, stands as inscription number 53,995,422.
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Why It Matters: Bitcoin enthusiasts are leveraging the increased functionality provided by a recent update known as Taproot to create and embed various types of digital content directly into Bitcoin transactions. This is somewhat like the way Non-Fungible Tokens (NFTs) work on the Ethereum ETH/USD blockchain. Theyre doing this by encoding unique datasuch as pictures and written textinto Bitcoin transactions.
These encoded items, while not NFTs in the traditional sense, demonstrate the creative use of Bitcoin's expanded capabilities since the Taproot upgrade, which has enhanced both its efficiency and privacy features.
Price Action: At the time of publishing, BTC was trading at $46,147 down 1.16% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Flickr.com
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