Bitcoin ETF: Gensler's tweet immortalized in digital art on the blockchain

Following a mistaken tweet from the SEC’s Twitter account announcing the approval of a Bitcoin ETF, Gary Gensler quickly responded by denying this information. This denial was captured and turned into a digital art piece, inscribed as an Ordinal on the Bitcoin blockchain.

False Announcement of Bitcoin ETF Approval by the SEC

The official SEC’s account X announced that it had approved Bitcoin ETFs. However, SEC Chairman Gary Gensler immediately refuted this information. He tweeted that the agency’s account had been compromised and used to make a false approval. In reality, the SEC has (not yet) approved any Bitcoin ETFs. According to digital artist Bill Restey, Gensler’s tweet has been immortalized forever. Indeed, he has recorded Gensler’s response as an ordinal on the Bitcoin blockchain.

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

More than 53 million Ordinal inscriptions have been created since the introduction of the protocol last January. Gensler’s tweet attributed to Restey is the 53,995,422nd inscription.

These Bitcoin Ordinals inscriptions are often compared to Ethereum-based NFTs. Indeed, updates to the Bitcoin protocol have allowed enthusiasts to create tokens in all fields. For example, on Monday, Ninjalerts announced the registration of a Super Nintendo Entertainment System emulator on the world’s largest blockchain. 

Volatility in BTC Price

The American regulator’s tweet about the approval of a spot BTC ETF made headlines worldwide. However, when it was revealed to be false, the price of Bitcoin plummeted from $47,680 to just over $45,500. Currently, the flagship cryptocurrency is trading at $45,700 on Binance. The SEC chairman then reminded investors of the importance of securing their accounts.

This false announcement comes at a time when the financial world is eagerly awaiting the SEC’s decision on Bitcoin spot ETFs. Presently, more than 13 ETF proposals are waiting for the regulator’s approval to be marketed. These proposals include those from BlackRock, Fidelity, Bitwise, and VanEck. VanEck’s CEO suggests that the trading of these ETFs could start as early as Thursday.

Gearing up for the SEC’s imminent decision, the Bitcoin market is facing significant volatility today. Crypto investors are thus called to be cautious.