Fake Bitcoin ETF Approval Announcement Triggers $BTC Surge to $30,000
In Brief
Bitcoin’s price soared to $30,000, as a fake announcement regarding the approval of the “iShares Bitcoin Trust” ETF circulated across Twitter.
The crypto market witnessed a dramatic surge in Bitcoin’s price, soaring to $30,000, as a fake announcement regarding the approval of the “iShares Bitcoin Trust” exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) sent ripples through the crypto community.
The baseless news rapidly circulated across Twitter, generating an atmosphere of excitement within the crypto sphere. It claimed that the SEC had granted approval to BlackRock’s application for the “iShares Bitcoin Trust,” an ETF with redeemable shares.
Initially, reports suggested that the iShares Bitcoin Trust, managed under the purview of BlackRock’s iShares investment division, had obtained the green light from regulators, marking a pivotal moment for the cryptocurrency industry. However, after subsequent investigation by Fox Business Journalist Eleanor Terrett — the announcement was confirmed to be fraudulent.
🚨BlackRock has just confirmed to me that this is false. Their application is still under review. https://t.co/XIfIWZ0Ule
— Eleanor Terrett (@EleanorTerrett) October 16, 2023
The iShares Bitcoin Trust, an ETF operating under the umbrella of BlackRock’s iShares investment unit, was reported to have secured regulatory approval, a development that would have been groundbreaking for the cryptocurrency market. The moment the SEC’s supposed approval hit the headlines, it set off a whirlwind of speculations and trading, propelling Bitcoin to an astonishing $30,000.
🎯 #Bitcoin Surges Over 8% Following SEC's Approval of Blackrock iShares Spot #ETFs 🚀
— RichQuack (@RichQuack) October 16, 2023
• $BTC experienced an 8% uptick in a rapid rally, with most gains occurring within a few minutes ⏱️
• The SEC's approval of the iShares spot #BitcoinETF sparked this surge, according to… pic.twitter.com/7gNojQSc8E
During Monday’s early Asian trading hours, $BTC previously saw a uptick of over 4.5% — fueled by the possibility of an impending green light for a Bitcoin exchange-traded fund (ETF).
Bitcoin had been hovering just below the $28,000 threshold, consolidating its position after grappling with losses over the past week. The sudden upswing was reportedly a direct consequence of the market’s response to the recent decision by the U.S. Securities and Exchange Commission (SEC) not to contest a recent ruling pertaining to Grayscale.
If false #BitcoinETF news can make $BTC pump to $30k,
— EvanLuthra.eth (@EvanLuthra) October 16, 2023
Imagine what will happen when The Sec will really approve the #Bitcoin ETF.
This was a test pump.
The real movie is still left.
Don't lose hope.👀 pic.twitter.com/cQsbTKHSor
The SEC’s decision not to appeal a court ruling, which had set aside the organization’s previous stance on Grayscale’s intention to convert its widely popular Bitcoin trust into a more investor-friendly exchange-traded fund, is seen as a potential watershed moment in the pursuit of the first Bitcoin ETF in the United States.
The outcome of this development has significantly enhanced the prospects of the Grayscale Bitcoin Trust (GBTC) undergoing a transformation into a more attractive ETF, a development that garnered support from various traders closely watching the cryptocurrency market.
#Cointelegraph fake news caused many traders to suffer from FOMO causing them huge losses. Like this trader who transferred 613,201 USDC to buy 20.5 Btc and then quickly sold the Btc for 563,970 USDC after it was confirmed that the news was fake. He lost 49k$ USDC in just 10 mins pic.twitter.com/JJEpfm56QH
— Envy News (@envynews) October 16, 2023
The incident highlights the importance of accurate and reliable information in the cryptocurrency space, where news and rumors can have a profound impact on market dynamics. As investors and traders navigate the volatile cryptocurrency market, the false report highlights the need for caution and diligence when evaluating news and developments in the sector.
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About The Author
Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
