The price of bitcoin just made one of its most volatile moves in some time due to what has turned out to be fake news regarding the approval of BlackRock’s iShares btc Spot ETF.
Within seconds of a fake X post, BTCUSD surged over 7% in ten minutes, only to retrace the entire rally and then some.
bitcoin Price Rejected as iShares ETF News Revealed to be Fake
No, BlackRock’s iShares spot bitcoin ETF has not been approved. But that’s what was making waves on social media, especially on Elon Musk’s X platform.
Within ten minutes of CoinTelegraph’s false report, BTCUSD soared more than 7% and nearly $2,000. However, the leading cryptocurrency by market capitalization stopped at $30,000 and was rejected until falling below $28,000 in the next fifteen minutes once the news was refuted.
Eleanor Terrett, Fox Business journalist claims having spoken directly with a BlackRock representative, who confirmed that iShares’ application is still under review before the US SEC. CoinTelegraph has since deleted the tweet (pictured below).
A massive 25 minute pump and dump | BTCUSD on TradingView.com
The situation shows that the market has a lot of pent-up energy that is ready to be released the moment a spot ETF is approved. But it could also show the SEC exactly why a spot ETF should not be approved when cryptocurrency prices are subject to such blatant manipulation through the media.
While a spot ETF is inevitable at this point, today’s news has been repeatedly confirmed to be fake.
