The U.S. Securities and Exchange Commission (SEC) approved Blackrock's Ishares spot bitcoin exchange-traded fund (ETF) on a busy Monday, according to the cryptocurrency news site Cointelegraph. Without any official confirmation from the SEC or Blackrock, the unsubstantiated news spread like wildfire, and in its wake, the value of Bitcoin increased by nearly 10% in relation to the US dollar.
Unverified Blackrock ETF News Drives Bitcoin to Record Highs, but Cointelegraph Receives Criticism
A false report caused the cryptocurrency market to see a large increase in the erratic world of cryptocurrencies. The price of Bitcoin shot up from $27,700 per coin to a hefty $29,900 as a result of the bogus story that Blackrock's spot bitcoin ETF was approved, according to Cointelegraph's viral social media post on X.
But as Fox News reporter Eleanor Terrett uncovered, Blackrock had confirmed the rumors as "false," making it clear that the application was still being examined.
Blackrock reaffirmed the untruth of the report to The Block, emphasizing that the securities regulator has not yet approved the ETF application. James Seyffart, a Bloomberg ETF specialist, described Cointelegraph's shared social media article as "fake news," stating that he was unable to locate any supporting evidence.
In response to the uproar, Cointelegraph has since taken down the X-related social media post, edited a Telegram post, and added the qualifier "reportedly" to the claim. The Telegram post in question has also been deleted.
In response to the uproar, Cointelegraph has since taken down the X-related social media post, edited a Telegram post, and added the qualifier "reportedly" to the claim. The Telegram post in question has also been deleted.
False Blackrock ETF Approval News Causes Bitcoin to Rise as Misinformation Spreads Through the Crypto Markets
40 minutes after it was discovered that the report was false, Cointelegraph amended and now-deleted a Telegram post.
Following the misleading report, BTC soared to around $30K before losing ground once the reality came to light. Currently, the coin price has fallen below the $28K threshold. The urgent question at hand is how a legal approval will affect the markets following the impact of the fake news.
Cointelegraph informed the public when the report was revealed to be false. The news source issued an apology for a tweet that resulted in the spread of false information about the Blackrock Bitcoin ETF. "There is now an internal investigation going on. We are dedicated to transparency, therefore once the inquiry is over within three hours, we will make the results public.
What are your thoughts on the phony ETF news that happened on Monday? Post your ideas and viewpoints on this topic in the comments area below.