This is how the Bitcoin price was manipulated and probably someone close to the US Securities and Exchange Commission (SEC) made many millions of $ in just 15 minutes.

What happened?

At 3:11 pm, they announce the approval of the Bitcoin ETF from the official @SECGov account on X. At that time the price was ~$44K.

The #bitcoin price rose to $48K mil due to the post, this because thousands of traders and exchanges have algorithms operated by high frequency automated bots reacting to news in real time.

Watch Bitcoin price volatility via Tradingview:

At 3:26 pm, SEC Chairman Gary Gensler announces that the institution's X account has been compromised (hacked) and that post was unauthorized. In other words, the ETF news is FAKE even though it came out from the SEC itself.

Bitcoin thus falls to $44.8K.

By 3:42 pm, the SEC had recovered its account and confirms what its chairman had said.

On @CNBC they say the SEC account was hacked, but from @X a security engineer says it's not true and Musk comments:

An example of what the manipulator could have earned:

Let's say he bought $1 billion in Bitcoin at $44K, which is about BTC 22,727. He then sold at $48K and made $1.091 million. A profit of $91 million in just 15 minutes. Could be more if he traded the 1 min and 5 min candlesticks.

Minimally, the SEC chairman should be investigated and/or removed from office. Regardless of whether there was hacking or not, he should take responsibility for such manipulation.

It is because of things like this that many get confused and say that #Bitcoin is a scam, but it turns out that Bitcoin as a project has nothing to do here, because it is just manipulation of its price based on expectations related to a derivative product such as ETFs. It would be like blaming the cow because its owner let the milk get damaged by not keeping it refrigerated after milking.

For this reason, the best strategy for investing in Bitcoin is with a long-term view (3 years or more).