😲 WTH happened yesterday?

GM everyone. This is 2036. We scroll for gems all day so you don’t have to.

Here’s what we’re serving up today 🍲: What a day. Yesterday, the SEC approved Bitcoin ETFs in the US. But then it didn’t… and the whole thing turned weird.

Let’s dig in.

Yesterday, just after the market closed, the SEC tweeted this:

Crypto was euphoric. After multi-year legal battles, the SEC finally approved Bitcoin ETFs in the United States.

Crypto’s most important day had finally arrived.

Naturally, bitcoin soared 🚀

But then something strange happened…

The SEC deleted their original Tweet and posted this instead:

All hell broke loose.

Crypto Twitter was furious. Twitter came out with an official explanation for what happened:

It turns out the SEC’s Twitter account was “compromised.”

Somebody accessed the phone number linked to the SEC’s Twitter page.

But it gets better. Just a few months ago, SEC Chair Gary Gensler tweeted this:

Jeez 🤦 Only in crypto.

The SEC - entrusted to protect US investors from financial frauds and scams - can’t even protect their Twitter account from wiping out billions of investors’ money.

Great job, SEC.

Now, we don’t know what happened. Maybe the SEC got hacked. But more likely, the intern who was supposed to schedule the Tweet pressed “send” 24 hours too early.

Who knows. 

The SEC recovered their “compromised” account in less than 15 min… which is highly suspicious.

The SEC will need to investigate itself for market manipulation. Understandably, Congress wants answers.

Ok, so what impact did this have on prices?

Here’s the quick timeline:

Luckily for us, we got a little preview of the future…

1/ BTC soared immediately on the news of the ETF approval and then cooled off a little…❄️

No one knows if that’s because the SEC deleted the Tweet or because it was a “sell the news” event… we’ll see today.

2/ ETH also ripped higher - and in fact, it’s still up.

All ETH ecosystem coins we mentioned last week are up - by a large margin.

In particular, Lido ($LDO) is up +17% in the last 24 hours alone.

Our thesis was right. Pat on the back…it does indeed look like all eyes will turn to Ethereum next…👀

For the more chart-minded, here’s a break-down of each coin’s move:

Looks like it’s ETH’s turn to shine 🌞

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1/ SEC Chair Gary Gensler asked by senators to address Twitter security breach

2/ ETH jumps after traders bet on possible Ether ETF next

3/ Bitcoin ETFs could be approved today and trade tomorrow