Bitcoin Surges 10% on False SEC Approval Report of BlackRock's Spot Bitcoin ETF
In a sudden price surge, Bitcoin rose by 10% following a misleading report that falsely claimed the SEC had granted approval for BlackRock's spot Bitcoin ETF.
Because Bitcoin
October 16, 2023
Bitcoin experienced a brief 10% surge on Monday due to a false report suggesting SEC approval of the first spot Bitcoin ETF by BlackRock.
In a now-deleted tweet, CoinTelegraph claimed, "BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF." Bitcoin's price quickly rose to $29,900, but fell after a BlackRock spokesperson informed Bloomberg that their spot Bitcoin ETF application was still under SEC review.
CoinTelegraph later apologized for spreading misinformation.
This episode highlights investor optimism for an SEC-approved spot Bitcoin ETF. Although the SEC has allowed Bitcoin futures ETFs, they have repeatedly delayed or denied spot Bitcoin ETF applications. However, renewed hope emerged when major firms like BlackRock and Fidelity applied for their Bitcoin ETFs.
Grayscale's recent court win against the SEC, plus a report suggesting the SEC may not appeal the decision, bolstered the hope for a spot Bitcoin ETF. Over 10 spot Bitcoin ETF applications are currently under SEC review.