![]() ![]() ![]() Of course, if Bitcoin buyers were bidding up the price based on a misunderstanding, then the price should just as quickly deflate. Was it possible this rally was just the result of a joke, lost in translation? There was even an actual joke article spreading quickly across social media, headlined, “SEC Drops the Bomb: Approves Bitcoin ETFs.” Although the article was labeled “April Fool’s,” that didn’t stop some international blogs from picking it up as news. It was still April Fool’s day on the West Coast-though in China, where rumors were apparently spreading, it was well into the afternoon of April 2nd. Similar fake tweets were showing up on Facebook. “Our Office of Compliance and Examinations has approved one of two Bitcoin ETF applications,” the fake tweet read-as if the SEC actually tweeted clickbait-style blind items (click to find out which one it approved!). I did another search, and quickly came across a tweet of an obviously fake screenshot impersonating the official account of the U.S. SEC has just approved a Bitcoin ETF …Last month I just added more leverage to buy up BTC. In that tweet, which featured a screenshot of a WeChat discussion (translated by my colleague Lucinda Shen), someone named Aaron says, “Just received the newest reliable news. The next thing I noticed: An account, noting that there was a “rumour spreading on Chinese social media” that “the SEC is going to pass Bitcoin ETF.” The first thing I saw was a tweet from the CEO of one of the world’s largest crypto exchanges, Binance, proclaiming himself “honestly clueless.” CZ, who was arguably in the best position to know what was going on, asked his followers, “Anyone know any news?” ![]()
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