BTC prices surges on false rumors of Bitcoin ETF approval

Updated Oct 17, 2023 at 2:53 PM UTC

Edited by Brian Stone

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BTC prices surges on false rumors of Bitcoin ETF approval

Bitcoin rallied to $30,000 on rumors that the Securities and Exchange Commission (SEC) has approved the iShares Bitcoin spot ETF.

The price of Bitcoin (BTC) skyrocketed in a flash on Oct. 16 following speculations that the SEC approved the first spot Bitcoin ETF in the U.S.

Crypto news site Cointelegraph was the first to report the news, however, ETF analysts like James Seyffart clarified that approval has yet to be confirmed. Seyffart also debunked the news that BlackRock’s filing was approved by the SEC.

Okay. Have a few different sources including Bloomberg reporters with sources at BlackRock, SEC and other places. Can confidently say that this is not true. https://t.co/QIxhP2AfoO
— James Seyffart (@JSeyff) October 16, 2023

While the SEC’s website did not show an approved spot Bitcoin ETF at press time, Bloomberg’s Eric Balchunas cited two distinct headlines on the Reuters terminal pointing to possible confirmation.

Whoa, Reuters is reporting SEC is approving the iShares Bitcoin ETF, this is via Benzinga and an actual headline on the terminal. I still want more confirmation but this is second source saying this.. pic.twitter.com/jAEOLxXYcg
— Eric Balchunas (@EricBalchunas) October 16, 2023

Update: Following the Cointelegraph report, the news outlet put out a tweet stating that the report was false information and it is looking into how the false report was made.

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.

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…
— Cointelegraph (@Cointelegraph) October 16, 2023

The Bitcoin Spot ETF is still under review by the SEC as of this writing.