iShares Bitcoin Spot ETF Approval Rumors Shoot BTC to $30k and Back

In a whirlwind of market speculation, unverified reports regarding the approval of BlackRock’s iShares Bitcoin ETF sent shockwaves through the cryptocurrency space, driving Bitcoin’s price to nearly $30,000 within minutes. 

However, this supposed breakthrough was swiftly contested, leading to a rollercoaster of price fluctuations.

Initially, major news outlets reported the alleged SEC approval of the iShares Bitcoin ETF, causing a surge in Bitcoin’s price. 

Cointelegraph, a prominent cryptocurrency news source, posted in a deleted tweet that the U.S. Securities and Exchange Commission (SEC) had given the green light for the iShares Bitcoin Spot ETF by BlackRock.

This news swiftly circulated through the crypto sphere, igniting a surge in Bitcoin’s value and pushing it close to the $30,000 mark. The cryptocurrency market, known for its volatility, reacted almost instantly to this unexpected twist in the ongoing ETF saga.

However, the frenzied optimism was met with a dose of skepticism. The SEC, the regulatory body at the center of this speculation, had yet to make any official confirmation of the ETF approval. On digging deeper, it was evident that the news was yet to be substantiated.

Contrary to the initial reports, Fox reporter Eleanor Terrett contacted BlackRock and clarified that the approval claims were untrue. 

🚨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

In fact, the SEC had not issued any final verdict regarding the iShares Bitcoin ETF, and the status remained under review. 

Even Bloomberg analyst James Seyffart dismissed the reports, branding them as ‘fake news’ due to the lack of concrete evidence.

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

In the wake of these contradictory reports, the cryptocurrency market experienced a tug-of-war between hope and skepticism. Bitcoin’s price, initially surging in response to the supposed approval, witnessed a rapid reversal as doubts regarding the authenticity of the news began to emerge.

The price volatility showcased the market’s sensitivity to significant regulatory updates and the substantial impact such announcements can have on crypto valuations. 

Ultimately, while the iShares Bitcoin ETF remains a topic of interest, it’s essential to rely on verified information to make informed investment decisions.