Although now confirmed as fake news, today saw a mini bull run across Bitcoin (BTC) markets as rumours of BlackRock’s Bitcoin Spot ETF application being accepted by the US Securities and Exchange Commission (SEC) came to surface.
Per CoinMarketCap, the fallacious claims sparked a 4.5% price surge in the early hours of Monday 16th October, which saw the asset’s value jump to $29,388 before plunging back to $27,855 within the space of half an hour.
Per reports, this rapid-fire price reversion was triggered by $65 million worth of Bitcoin being liquidated once the reports were confirmed as false. Revealing such news was a FOX news reporter who stated that BlackRock - which is the world’s largest wealth management firm with almost $8.6 trillion worth of assets under management - had stated that its application is still being reviewed by the SEC.
In turn, other crypto news outlets - which have since deleted their hasty announcements - also falsely reported on iShares having its Bitcoin Spot ETF application approved.
That being said, it’s never nice to bash another outlet for simply being bullish and excited for such news (as it’s essentially what we’re all sitting around waiting for). Additionally, the news (albeit fake) was also somewhat intuitive as it coincided with the SEC’s recent decision to not appeal a ruling relating to Greyscale’s application to convert its Bitcoin Trust (GBTC) into a Bitcoin Spot ETF.
What’s Next for Bitcoin?
Although adding a small dose of carnage into the markets, today’s mini rally is perhaps a foreshadowing of how price movements will play-out once (or if) Bitcoin Spot ETF applications from big-name institutions are finally accepted.
Additionally, it has pumped the floating Bitcoin price from sub $27,000 to over $28,000 (per weekly charts), which, in turn, also means that traders have recouped some of the losses that they’ve felt over the past week or so.
So…although nothing’s really changed, the Bitcoin and crypto communities at large should be feeling even more bullish on what’s to come, as once (or to reiterate, if) the SEC and Gary Gensler finally give way to Bitcoin Spot ETF approval pressure (which is coming from crypto entities as well congressman/representatives), perhaps the next bull run will be in much clearer sight.
Wait…What?
In the very process of writing this article, fresh rumours have surfaced which report that the fictitious announcement of BlackRock’s Bitcoin Spot ETF approval was manufactured by a crypto journalist wanting to make a quick buck…check out this tweet:
Cointelegraph tweets “Bitcoin ETF approved”
— borovik.eth (@3orovik) October 16, 2023
Bitcoin pumps to $30,000
Cointelegraph intern profits $2,250,000 on Rollbit
Cointelegraph deletes tweet ???? pic.twitter.com/1cZ5rG54kS
As waiting for solid confirmation is always the best course of action, this is certainly a crypto and Bitcoin Spot ETF rumour mill that you need to be keeping tabs on (which you can do so via Crypto Presale of course).
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This article is intended for educational purposes and is not financial advice.
