BlackRock's Spot Bitcoin ETF Application Still Under SEC Review Amid Approval Rumors
Crypto News

BlackRock's Spot Bitcoin ETF Application Still Under SEC Review Amid Approval Rumors

Created 4mo ago, last updated 4mo ago

On October 16, Bitcoin price surged to a high of $29.4k, following a tweet from CoinTelegraph that BlackRock's Bitcoin Sport ETF had received approval.

BlackRock's Spot Bitcoin ETF Application Still Under SEC Review Amid Approval Rumors
Cointelegraph, a popular crypto news outlet, issued an apology on October 16, 2023, after posting a false tweet claiming that the US Securities and Exchange Commission (SEC) had approved BlackRock's Bitcoin spot exchange-traded fund (ETF).
View post on Twitter
The tweet caused widespread confusion in the crypto space and led to dramatic fluctuations in the market, with nearly $100 million in liquidations taking place across cryptocurrency exchanges within an hour of the false tweet. The tweet was later revealed to be inaccurate, and an internal investigation by the platform revealed that the social media team rushed to post the news without verifying the source.
“Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false, the result of misinformation. The news lead originated from an unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal.” said Cointelegraph in a blog post.

The false report claimed that BlackRock's spot Bitcoin ETF received approval, which led to Bitcoin's price rocketing from $27,700 per coin to almost $30,000 in just a few minutes.

View post on Twitter

However, BlackRock has denied rumors that its planned Bitcoin ETF received approval from the SEC. The approval of a spot Bitcoin ETF would allow investors to gain exposure to the cryptocurrency without actually owning it, potentially opening the door for more widespread adoption and investment in the digital asset.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article