BlackRock Bitcoin spot EFT was finally approved. Just kidding. It actually was not. Earlier this morning, coin telegraph reported that BlackRock iShares Bitcoin spot EFT was infact approved and it went absolutely viral all over twitter. Just a mess. So about 2 hour later it came out that intact this was fake news and non other than mainstream media corrected one of a credible Crypto media news sources that says no, the BlackRock Bitcoin spot EFT was approved by the SEC. 

So what actually happened. So first and for most, the fact that  a Crypto news agency posted this is actually very bad for the entire industry. Why? Well! It just shows how immature the industry is. And on top of that Bitcoin pumped all the way from approximately 26000 to 30031 and than had a massive retrace all the way back down to 28000. This just shows how easy it is to potentially manipulate the Crypto markets because we have a finite supply , is it a little bit easier to manipulate the price in some particular cases. Or may be people just got super , super exited because of this news . It also cause another issue approximately $65 million was liquated from the market. 

So when we talk about Bitcoin price yesterday, we talked about being cautious cause we are in this like slow grind upward. I said we needed to break and actually and flip $28000. Well a lot of people were not either not taking a position are they were in like a very short term position. So a lot of people got absolutely wrecked because of this news. Also too there could have been a lot of people that had open long positions, meaning that they were that the betting that the market was going to continue to climb because of this approval of spot  Bitcoin spot EFT approval. So all of that money just got absolutely whipped out , RIP to everybody. Another thing too, SEC might be able to use this as a way to actually say no to Bitcoin spot approval just because the industry is an absolutely  hot mess and in addition to that roll bit a well known Crypto playing platform posted underneath a different coin telegraph post and said this you? 

Something along those lines indicating that coin telegraph actually had a long position and profited on this position which in fact it was not true either. They were just me mean trolling etcetera.  Now with all of this being said, are we going to get a Bitcoin spot EFT approval?  I definitely think we will. I think it is going to be more in quarter one or quarter 2 of 2024. However that's contingent on a lot of different things happening and you guys have to remember the SEC fail to appeal the decision on the grayscale case wanted to take their Bitcoin trust it and convert it over to a Bitcoin spot EFT and the courts were in the favour of Grayscale and the SEC had a certain amount o time to peal it. SEC did not. So overall I think we will get the Bitcoin spot EFT. I think its going to take some time but this definitely did set industry back. 

Thanks