The Bitcoin BTC/USD community was abuzz following a compromised tweet from the Securities and Exchange Commission’s (SEC) X account, which falsely declared the approval of all thirteen spot Bitcoin ETFs. Following official confirmation that no such approvals had been granted, the price of Bitcoin saw a sharp dip.
What Happened: SEC Commissioner Gary Gensler addressed the misleading tweet, affirming the account’s breach.
A digital artist known as Billy Restey took to immortalizing Gensler’s statement on the Bitcoin blockchain. “Just so we don’t forget, this tweet has been immortalized on Bitcoin forever,” Restey tweeted.
Bitcoin’s value plummeted from $47,680 to slightly above $45,500 as the initial fake news spread, causing considerable market volatility.
With over 53 million Ordinal inscriptions to date—introduced in January—the Gensler tweet, replicated by Restey, stands as inscription number 53,995,422.
Why It Matters: Bitcoin enthusiasts are leveraging the increased functionality provided by a recent update known as Taproot to create and embed various types of digital content directly into Bitcoin transactions. This is somewhat like the way Non-Fungible Tokens (NFTs) work on the Ethereum ETH/USD blockchain. They’re doing this by encoding unique data—such as pictures and written text—into Bitcoin transactions.
These encoded items, while not NFTs in the traditional sense, demonstrate the creative use of Bitcoin’s expanded capabilities since the Taproot upgrade, which has enhanced both its efficiency and privacy features.
Price Action: At the time of publishing, BTC was trading at $46,147 down 1.16% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Flickr.com