[NEW] Bitcoin spot ETF approval report is false, price rises to around $30,000

On the night of the 16th, Japan time, the price of the cryptocurrency Bitcoin (BTC) soared. It showed momentum that it might reach $30,000 (about 4.48 million yen) from around $28,000 (about 4.18 million yen) in one go.

The reason for the surge was a report by the US cryptocurrency media Cointelegraph that the Bitcoin spot ETF "iShares Bitcoin Spot ETF" applied for by the major US asset management company BlackRock had been approved by the US Securities and Exchange Commission (SEC).

However, neither BlackRock nor the SEC made any announcement about this. Later, a FOX reporter confirmed with BlackRock, stating, "This is completely fake news. There is no evidence to support this in reality. BlackRock has completely denied it. The review of their application is still ongoing."

In addition, Eleanor Terrett, a well-known FOX business journalist, posted on X (formerly Twitter) that "Their application is still in the review stage."

When it became clear that the report of the application's approval was false, the price of Bitcoin plummeted. It then recovered and is currently hovering around the low $28,000 range.

Although the report itself was false, it confirmed that if the approval of a Bitcoin spot ETF turns out to be true, it will have a major impact on the market. This once again demonstrated the value of a Bitcoin spot ETF.

BlackRock's iShares Bitcoin ETF is considered the most likely to be approved among all the Bitcoin spot ETFs that have been applied for so far. In August last year, the company partnered with Coinbase, a major U.S. cryptocurrency exchange, and the exchange will also monitor and share the iShares Bitcoin ETF.

If BlackRock's application is approved, it will increase the chances that Bitcoin spot ETFs applied for by major companies such as Fidelity and VanEck will also be approved. The SEC has postponed the results of its review, which was scheduled to be decided this month, until January 2024.

Meanwhile, the SEC did not appeal the ruling in a court case in August this year in which it lost a case involving the conversion of GBTC (Bitcoin Trust) offered by Grayscale, a major cryptocurrency management company, into a spot ETF. This has further increased the approval of spot Bitcoin ETFs, including Grayscale's application.

The false report was reported after this incident. Cointelegraph has apologized on its official website, stating, "We apologize for the tweet that led to the spread of inaccurate information about the BlackRock Bitcoin ETF."

Reference: Terrett X,Cointelegraph X
Image: Shutterstock