Bitcoin gained close to 3% Tuesday afternoon in the minutes after the US Securities and Exchange Commission’s X account posted that bitcoin exchange-traded funds had been approved. 

The SEC later denied the veracity of the post, saying it had not yet granted approval for the products and its account had been “compromised.”

Bitcoin (BTC) spiked to $47,893 just after 4 pm ET in New York before crashing almost 3% to $46,527. 

“The SEC’s @SECGov X/Twitter account has been compromised,” a spokesperson from the SEC told Blockworks. “The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.”

The SEC has not historically posted ETF approval news on…

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