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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/false-news-of-secs-approval-of-blackrocks-ishares-spot-bitcoin-etf-triggers-plunge-in-bitcoin-from-30k-high/">False News of SEC’s Approval of BlackRock’s iShares Spot Bitcoin ETF Triggers Plunge in Bitcoin from $30K High</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The U.S. Securities and Exchange Commission (SEC) has yet to officially approve a spot Bitcoin ETF, but rumors circulating on platform X have led to widespread speculation that the regulatory body has recently approved iShares by BlackRock’s pioneering Bitcoin spot Exchange-Traded Fund (ETF). This unconfirmed development, linked to the eagerly awaited financial behemoth’s spot BTC ETF, initially sent Bitcoin’s price soaring towards $30K. However, the momentum was short-lived as the value dropped to around $28K, instigating a wave of uncertain fluctuations in the market.</p>
<h2 class="wp-block-heading" id="h-bitcoin-dumps-from-a-30k-high">Bitcoin Dumps From A $30K High</h2>
<p>Everyone knew that the U.S. Securities and Exchange Commission (SEC) would have a hard time turning down a financial giant like BlackRock when it came to their proposed spot Bitcoin ETF. Recent rumors on X suggest that a history was going to be created as SEC reportedly approved a Bitcoin spot ETF from iShares, BlackRock’s division dedicated to exchange-traded funds. &nbsp;</p>
<p>Confirmations from both the SEC and Nasdaq’s official channels have shown no evidence supporting these claims. Adding a definitive voice to the matter, BlackRock itself issued a statement clarifying that the news was inaccurate and said that the “ETF IS STILL UNDER REVIEW BY SEC.!”</p>
<figure class="wp-block-image size-full"><img decoding="async" width="680" height="245" src="https://image.coinpedia.org/wp-content/uploads/2023/10/16193934/image-46.png" alt="" class="wp-image-237376" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/16193934/image-46.png 680w, https://image.coinpedia.org/wp-content/uploads/2023/10/16193934/image-46-300x108.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/16193934/image-46-150x54.png 150w" sizes="(max-width: 680px) 100vw, 680px">
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<p>This scenario underscores the volatility and sensitivity within the market to news, particularly news concerning ETF advancements. Eric Balchunas, a senior ETF analyst for Bloomberg, pinpointed Cointelegraph as the initial source of the false report.</p>
<p>The news quickly gained traction and was further propagated by coverage from Reuters, among other outlets. This series of events led to a significant, albeit misguided, market reaction, sending Bitcoin’s price to surge towards the $30K threshold in a short period.</p>
<h2 class="wp-block-heading" id="bitcoin-witnesses-a-spike-in-liquidation">Bitcoin Witnesses A Spike In Liquidation</h2>
<p>Recent speculation about the approval of a Bitcoin spot ETF, highlighted in a Cointelegraph report, has catalyzed a dramatic market response, sending Bitcoin to peaks of $30K within the last hour.</p>
<p>This unexpected upswing has triggered a spike in liquidations, totaling nearly $100 million. Notably, a substantial portion of these, estimated above $70 million, consisted of short positions. The data implies that the suddenness of the ETF news surprised numerous traders, prompting a swift market realignment and a consequent squeeze on short positions.</p>
<p>In June, BlackRock’s iShares division, a behemoth in fund management, submitted documents to the U.S. Securities and Exchange Commission (SEC) proposing the establishment of a Bitcoin spot ETF. The proposed entity, the iShares Bitcoin Trust, plans to primarily hold bitcoin through a custodian representing the Trust, as detailed in the submission. The documents designate the cryptocurrency exchange Coinbase as the expected custodian.</p>

False News of SEC’s Approval of BlackRock’s iShares Spot Bitcoin ETF Triggers Plunge in Bitcoin from $30K High

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