Bitcoin’s 10% Surge: Insights from False ETF Approval Rumors
17 October 2023
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Key Points:
- Bitcoin surged 10% on fake news of SEC approving BlackRock’s ETF.
- After correction, Bitcoin maintains a 5% gain, indicating strong market anticipation.
- The rumor’s impact may signal future reactions to actual SEC decisions.
On Monday, Bitcoin spiked nearly 10% from $27,900 to over $30,000 following a false report from Cointelegraph claiming the SEC had approved BlackRock’s spot bitcoin ETF application. BlackRock quickly clarified that no decision had been made. Despite the correction, Bitcoin has stabilized around $28,600, suggesting continued market enthusiasm.
This false rally may hint at potential market reactions to the actual SEC decision on BlackRock’s ETF application. The strong price movement during the rumor indicates significant market anticipation, with possible future price targets reverting to pre-rumor levels if the ETF is not approved.
