Bitcoin Price Action around the FAKE SEC Tweet

Today at 4:11 PM EST (UTC-5) the @SECGov Twitter account posted confirmation that Bitcoin ETFs had been approved. Bitcoin price spiked immediately on this news but the following price action is most interesting. The hacker that made the Tweet, presuming the news would create a large, sustained bullish move, likely LOST MONEY on his illicit trade. Tradingview restricts Ideas to 15m or higher so see the 1m chart below:


The fake Tweet caused a rise in price up until 4:15. Price then sold off all the way until 4:26 and only began to recover when the SEC regained control of their account and posted an update refuting the claim.

What is interesting about this is that within 4 minutes it had become a "sell the news" action.

I continue to think that the ETF approval news will in fact be a "sell the news" event when it occurs and this price action gives me some confirmation.