Blockchain Immortalizes SEC Chair’s Tweet Amidst False Bitcoin ETF Approval Fiasco Jan 11, 2024 Jan 11, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 11, 2024 by Kelly Cromley

Blockchain Immortalizes SEC Chair’s Tweet Amidst False Bitcoin ETF Approval Fiasco

Digital artist Billy Restey has taken a unique step to preserve a critical moment in cryptocurrency history by inscribing U.S. Securities and Exchange Chair Gary Gensler’s tweet onto the Bitcoin blockchain. The inscription serves as a response to a recent security breach of the SEC’s official Twitter account, leading to the dissemination of a misleading post claiming approval for all thirteen spot Bitcoin ETFs. This false announcement briefly caused a dip in Bitcoin’s value, prompting Restey’s action to ensure the historical context is permanently documented.

 

“Blockchain Response to Misinformation: A Unique Preservation Approach”

 

The misleading tweet, surfacing on Tuesday, created ripples in the cryptocurrency community, with Bitcoin’s value temporarily dropping to slightly above US$45,500. Restey’s inscription, marked as number 53,995,422, joins the ranks of over 53 million Ordinals inscriptions generated since the protocol’s inception. Ordinals, often likened to Ethereum-based non-fungible tokens (NFTs) tailored for the Bitcoin blockchain, facilitate the creation of diverse digital assets, including images, text, and even video games.

“Bitcoin Dominance in NFTs: Sales Volume Highlights”

 

In the past 30 days, Bitcoin has emerged as the leading blockchain for NFTs by sales volume, amassing over US$890 million in sales, as indicated by CryptoSlam data. Ethereum, historically dominant in NFT sales, recorded a total of over US$318 million in the same period. This trend showcases Bitcoin’s increasing influence and adoption in the NFT space.

 

“Awaiting SEC Approval: The Landscape of Spot Bitcoin ETF Applications”

 

The cryptocurrency community is currently awaiting the U.S. Securities and Exchange Commission’s (SEC) decision on 13 spot Bitcoin ETF applications submitted by major financial institutions like BlackRock and Fidelity. Among these, the SEC’s deadline for Ark/21Shares’ application is set for today, January 10. Analysts, including Eric Balchunas of Bloomberg, anticipate formal approvals for multiple spot Bitcoin ETFs to be announced as early as 4 p.m. ET.

 

In conclusion, the inscription of SEC Chair Gensler’s corrective tweet onto the Bitcoin blockchain by digital artist Billy Restey serves as a testament to the resilience and adaptability of blockchain technology in preserving significant moments amidst challenges. As the cryptocurrency landscape evolves, the incident underscores the importance of reliable information dissemination and the role blockchain can play in documenting and authenticating historical events.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.