Fake spot ETF approval news played with BTC price

By Yugocean | Crypto Champion | 17 Oct 2023

What rumours don't flourish? This time the rumour about the approval of BlackRock iSHARES Spot BTC ETF played with the price of Bitcoin.

The Rumour that was believed

Crypto news provider Cointelegraph reported the approval of BlackRock's iSHARES Spot BTC ETF by the US SEC, although there was no news accompanying it. Cointelegraph is a big name in crypto news, so its information was considered a reliable source, and that was the mistake.

SEC approval of iSHARES

Rest The Rumour

Fox Business producer and journalist Eleanor Terrett, who initiated talks with BlackRock about approval of iSHARES Spot BTC ETF, came to know that it was still pending with the SEC. This rumour was put to rest after Eleanor Terrett made the information public, but the BTC price was already in play.

30 Minutes of Bitcoin Bull

This rumour caused a surge in the price of bitcoin, which jumped from a 26k level to a 29k level. This only helped short-term traders. Presently, as soon as this information was confirmed to be just a rumour, the greenery of the market also cooled down.

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