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1. Bitcoin's Volatile Day
Bitcoin, renowned for its price volatility, saw a rapid upswing, climbing 10% to $29,900, its highest level since August. However, it later retreated and was trading at $28,211, up 3.82%, by the end of the day.
2. The BlackRock Rumor and Denial
Crypto news outlet CoinTelegraph initially reported that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's application for a spot bitcoin exchange-traded fund (ETF). The report was later retracted. BlackRock refuted the story through a Fox Business reporter on the social media platform X. The asset manager confirmed to Eleanor Terrett that its "iShares Bitcoin ETP application is still under review by the SEC," a statement echoed by SEC sources.
🚨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
3. Market Sensitivity to News
This episode underscores the crypto market's sensitivity to potential developments and its propensity for swift price movements based on rumors. Ben Laidler, global markets strategist at eToro, noted, "Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF."
4. Coin Telegraph's Response
Coin Telegraph acknowledged its role in disseminating inaccurate information and issued an apology. The news outlet revealed an ongoing internal investigation and pledged to share its findings with the public within three hours. Coin Telegraph also deleted the initial post.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
— Cointelegraph (@Cointelegraph) October 16, 2023
An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…
5. Pending Spot Bitcoin ETFs
The crypto community has been eagerly awaiting news on various pending spot bitcoin ETF applications. Approval of these applications is anticipated to attract substantial investment into the crypto sector. However, the SEC has consistently denied spot bitcoin ETF applications, citing concerns about the protection of investors from potential market manipulation.
Conclusion
The cryptocurrency market's reaction to the BlackRock rumor and subsequent denial demonstrates the community's eagerness for positive developments, as well as the need for accurate and reliable information dissemination. The ongoing speculation surrounding spot bitcoin ETF approvals remains a significant point of interest for the crypto sector, with the market poised to react swiftly to any regulatory decisions.
