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BTC Sheds 6% on False Rumors of BlackRock Bitcoin Spot ETF Approval

2 mins
Updated by Geraint Price
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In Brief

  • Rumors of the SEC approving iShares Bitcoin spot ETF sent BTC's price near $30,000 before retracing.
  • BlackRock clarified that their ETF application is still under review, debunking approval rumors.
  • Market volatility due to rumors resulted in trades worth over $105.28 million being liquidated in an hour.
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Rumors about an approval of the iShares Bitcoin spot Exchange Traded Funds (ETF) sent the price of BTC skyrocketing, only to come back to Earth when the asset managers, BlackRock, confirmed the news was false.

Rumors about the US Securities and Exchange (SEC) approving the spot Bitcoin ETF sent the BTC price nearly to $30,000. However, the price has started retracing back to the $28,000 level after BlackRock called out the rumors.

Read more: 14 Best No KYC Crypto Exchanges in 2023

Finance journalist Eleanor Terrett wrote on X:

“BlackRock has just confirmed to me that this is false. Their application is still under review.”

spot Bitcoin ETF
The price of Bitcoin falls | Source:  TradingView

Due to the volatility brought by the rumors, trades worth over $105.28 million were liquidated in one hour. Specifically, $32.03 million in longs and $73.25 million worth of short trades were liquidated

spot Bitcoin ETF
Bitcoin liquidations | Source: Coinglass

The crypto media publication Cointelegraph issued an apology after breaking the news and said it is conducting an internal investigation into the error. It wrote on X (Twitter):

“We apologize for a tweet that led to the dissemination of inaccurate information regarding the BlackRock Bitcoin ETF. 

An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded.”

Meanwhile, analysts believe there is a high possibility of the approval of spot Bitcoin ETF. The SEC has decided not to appeal an order requesting it to review Grayscale’s application to turn its Bitcoin Trust into an ETF.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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