Bitcoin "Virtual Pump" to $30,000 Due to Fake News of SEC Approval of BlackRock's Bitcoin Spot ETF Proposal
Twitter (X) exploded on the evening of October 16 with rumors of the SEC approving BlackRock's iShares Bitcoin ETF proposal.
Bitcoin "Virtual Pump" to $30,000 Due to Fake News of SEC Approval of BlackRock's Bitcoin Spot ETF Proposal
The information was initially shared by Cointelegraph on its official X account.
Original tweet from Cointelegraph (this post has since been deleted)
However, the community is still hunting down the origin of the information, as no detailed documentation has been published.
ETF analyst James Seyffart from Bloomberg suggested that the information is unfounded. Nonetheless, the account maintains that the overall process of approving Bitcoin ETF proposals remains positive.
I believe this to be fake news.
— James Seyffart (@JSeyff) October 16, 2023
While this would be positive for the things we've been saying. I can't find anything that would confirm this at the moment. #Bitcoin https://t.co/gVGGUsBfga
Later, FOX Business reporter Eleanor Terrett confirmed contacting BlackRock for verification, and the asset management agency stated that the news is false.
🚨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
BlackRock affirmed that their Bitcoin spot ETF proposal is still under SEC review and pending approval.
🚨NEW: Official statement to @FoxBusiness from @BlackRock:
— Eleanor Terrett (@EleanorTerrett) October 16, 2023
“The iShares Spot Bitcoin ETF is still under review by the SEC.”
At the time of writing, immediately following the dissemination of this information, Bitcoin surged sharply to $30,000 and subsequently dropped abruptly to around $28,000 when BlackRock refuted the news.
15-minute chart of BTC/USDT pair on Binance at 08:55 PM on October 16, 2023
According to Coinglass statistics, over $100 million in crypto derivatives orders were liquidated within the last hour, primarily from Bitcoin. Of these, nearly 69% were short orders.
Market liquidation data in the crypto market as of 09:00 PM on October 16, 2023. Photo: Coinglass
As previously reported by Coin68, the U.S. Securities and Exchange Commission (SEC) postponed the review of all Wall Street giants' Bitcoin spot ETF proposals at the end of September. SEC has yet to approve any Bitcoin spot ETF due to concerns about market manipulation and fraud in the cryptocurrency market.
Crypto ETF proposals are currently under SEC review. Photo: Bloomberg
This incident echoes the Litecoin (LTC) pump and dump in 2021 due to fake news of collaboration with Walmart.
