SEC's X account hack provided honey to bears and paddy to bulls in the Bitcoin market, which has also spoiled the mantle health of Gary Gensler.

Hack Drama

     At 4:11 p.m. US time, the SEC's official X account declared the approval of all ETFs. 15 minutes later, at 4:26 p.m., SEC Chairman Gary Gensler refuted the ETF's approval notification, claiming that the SEC's X account is compromised. Sixteen minutes afterward, the SEC removed the related ETF approval post and confirmed it was compromised.

The market's state was altered by this event

     This incident bullied the Bitcoin Bulls; first they started riding, then they fell. While individuals who purchased Bitcoin during the upswing lost money, those who sold it profited. This incident also put the shares of those companies in trouble, which are linked to the ETF; now the ETF issue and SEC have become a mockery matter.

Market Manipulating

     The analysts don't think the hack tale holds water because it takes hours to recover a hacked X account, while the SEC only got it back in half an hour. Above all, the SEC views these events as market manipulation and penalises corporations severely; as a result, it will be challenging for the SEC to escape.