BTC/USD: Bitcoin Rallies 11% to $30K on Fake News Over Spot Bitcoin ETF Approval

Shubham's Web3 / Unsplash

Price retreated shortly after BlackRock said that the SEC hasn’t approved its spot Bitcoin ETF application.

  • Bitcoin prices BTCUSD spiked to a six-week high near $30,000 on Monday after fake news claimed that the Securities and Exchange Commission approved the first-ever US spot Bitcoin exchange-traded fund. The false rumor came out of a large crypto news outlet posted on X (formerly Twitter).
  • BlackRock soon followed up with an announcement, saying there’s no verdict yet on its spot Bitcoin ETF application with the SEC. “The iShares Spot Bitcoin ETF application is still under review by the SEC,” the press release said. Several more such applications await the SEC’s decision, including Grayscale’s spot BTC ETF, which the SEC decided not to appeal.
  • The Monday rally quickly fizzled out and the 11% daily gain dwindled to just about a 4% increase. Still. Bitcoin is maintaining its modest advance and is currently trading at around $28,200 per coin. On the bright side, the OG token is back in green for the month, boasting a 5% rise.