Cryptocurrency markets experienced a sudden surge in bitcoin prices following a now-debunked report on bitcoin ETF approval by the U.S. Securities and Exchange Commiss.
Cryptocurrency markets experienced a sudden surge in bitcoin prices following a now-debunked report on a bitcoin ETF approval by the U.S. Securities and Exchange Commission. The erroneous report initially propelled bitcoin’s value to the $30K mark. However, the momentum was short-lived as the digital currency’s price soon plummeted to around $28K, stirring volatility within the market.
The now-deleted X post prompting this reaction came from the cryptocurrency news site Cointelegraph. It claimed that BlackRock’s BLK iShares division, dedicated to exchange-traded funds, had secured the SEC’s approval for a pioneering bitcoin spot ETF. The news spread like wildfire, triggering the market reaction that pushed bitcoin prices to $30K within the hour.
The news quickly gained traction and was further propagated by coverage appearing in Reuters, among other outlets.
