False Bitcoin ETF Approval Sparks a Price Surge to $30,000

The crypto landscape saw Bitcoin’s price catapult to $30,000 as false reports suggested that the SEC had given the nod to the 'iShares Bitcoin Trust', a significant move in the ETF market.

Rumors of an SEC approval quickly swept across Twitter, fostering a climate of enthusiasm among crypto enthusiasts. The claim implied that BlackRock's 'iShares Bitcoin Trust' had received critical approval for its redeemable shares.

In the early reports, it was alleged that BlackRock's iShares Bitcoin Trust had gained regulatory approval, a breakthrough moment for the cryptocurrency market. However, after Fox Business journalist Eleanor Terrett dug deeper, it became clear the announcement was indeed fabricated.

🚨 I received confirmation from BlackRock that this information is incorrect. Their application remains under evaluation. https://t.co/XIfIWZ0Ule

— Eleanor Terrett (@EleanorTerrett) October 16, 2023

Initially, it was reported that the iShares Bitcoin Trust, a product of BlackRock’s investment arm, had acquired regulatory approval, which would have been transformative for the crypto space. The moment news of the SEC's supposed approval emerged, it triggered a flurry of trading activity, driving Bitcoin’s price to an impressive $30,000.

🎯 #Bitcoin Prices surged over 8% following the news of the SEC's supposed endorsement of BlackRock’s iShares Spot. #ETFs 🚀

• $BTC Notably, we saw an 8% increase in a swift rally, with numerous gains realized in just a matter of minutes ⏱️.
• The SEC's approval of the iShares spot #BitcoinETF sparked this surge, according to… pic.twitter.com/7gNojQSc8E

— RichQuack (@RichQuack) October 16, 2023

In the early hours of trading on Monday in Asia, Bitcoin had already climbed over 4.5%, bolstered by rumors of a potential upcoming approval for a Bitcoin ETF.

Prior to the news, Bitcoin was lingering around the $28,000 mark, trying to consolidate its position after facing setbacks in the preceding week. The sudden rise was attributed to the market's optimistic reaction to the SEC's recent decision not to oppose a court ruling regarding Grayscale.

If false #BitcoinETF news can make $BTC pump to $30k,

Just imagine the reaction when the SEC finally greenlights the proposal. #Bitcoin ETF.

This was a test pump.

The real movie is still left.

Don't lose hope.👀 pic.twitter.com/cQsbTKHSor

— EvanLuthra.eth (@EvanLuthra) October 16, 2023

The SEC's choice not to challenge a recent court ruling, which overturned its previous stance on Grayscale’s request to transition its popular Bitcoin trust into a more accessible exchange-traded fund, marks a potentially transformative point in the quest for the first Bitcoin ETF in the U.S.

This pivotal development has significantly increased the likelihood that the Grayscale Bitcoin Trust (GBTC) might evolve into a more appealing ETF, a prospect that has been welcomed by many traders keeping a close eye on the cryptocurrency market.

#Cointelegraph The spread of misinformation led to many traders experiencing FOMO, resulting in steep losses. Take, for instance, the trader who transferred 613,201 USDC to acquire 20.5 BTC, only to sell it for 563,970 USDC moments after the news was debunked. This resulted in a staggering loss of $49,000 USDC in less than 10 minutes. pic.twitter.com/JJEpfm56QH

— Envy News (@envynews) October 16, 2023

This incident underscores the critical need for accurate and trustworthy information in the realm of cryptocurrency, where news and rumors can dramatically influence market movements. As investors navigate this unpredictable landscape, it serves as a reminder to exercise caution and due diligence when assessing news and developments.