Published on January 09, 2024 21:48 GMT+00:00edited on January 09, 2024 21:49 GMT+00:00

The price of bitcoin spiked and dipped following a fake post from the U.S. Securities and Exchange Commission claiming it had approved the long awaited spot bitcoin exchange-traded fund. 

Bitcoin's price rose to around $47,950 before crashing to $45,285, according to The Block's Price Page for bitcoin. The token is now changing hands at $45,881 at 4:38 p.m. ET. 

The fake post

 At 4:11 p.m. ET, the fake post pushed out from the U.S. Securities and Exchange Commission's X account wrote, "Today the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor …