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Bitcoin spot ETF odds

BREAKING: BlackRock Confirms, Bitcoin ETF Approval Fake News

Reynaldo Marquez
by Reynaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A post from crypto news outlet Cointelegraph spread rumors about approving a spot Bitcoin ETF (Exchange Traded Fund) in the US. Several top asset managers filed with the Securities and Exchange Commission (SEC), but the regulator was yet to decide.

Related Reading: Grayscale Reveals Next Steps For Spot Bitcoin ETF After SEC’s Non-Appeal

Fake News: Bitcoin ETF Approval Debunked By Experts

As seen in the image below, the crypto news outlet posted about the alleged approval of the iShares Bitcoin ETF filed by asset manager BlackRock. The post had half a million views as of this writing and triggered a spike in volatility in the crypto market a few moments after it went live.

Bitcoin ETF BTC BTCUSDT Cointelegraph
Source: Cointelegraph

As Cointelegraph posted about the BTC ETF, the cryptocurrency’s price touched $30,000 for the first time in months. However, the experts from Bloomberg Intelligence, Eric Balchunas and James Seyffart, stated that the news lacked legitimacy.

The experts debunked the report via their official X accounts, going as far as to call it “fake news.” Minutes after the news went live, Seyffart stated:

I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment.

Fox News reporter Eleanor Terret confirmed with BlackRock that the report was fake, and their application continues to be reviewed by the Securities and Exchange Commission (SEC).

On the other hand, Balchunas expects the coming months to see more “fake reports” around the spot Bitcoin ETF approval:

While I expect to wake up one day in next couple months to a headline just like this, this seems a bit ahead of schedule. Trying to confirm source now. Stay tuned.. On one hand the crypto trades have solid rep of breaking big news, on the other they also have rep of taking words and re-ordering them in a more exciting but not accurate way

Despite Balchunas and Seyffart, Cointelegraph has yet to delete the post or issue a clarification. As of this writing, the post has over 2 million views and sparked a crypto community debate.

Related Reading: SEC Opts Not To Appeal Court Ruling On Grayscale Bitcoin ETF: Report

A popular crypto user asked for “jail” for the team behind the account, while others questioned the crypto news outlet for trying to break the news without a clear source.

Bitcoin ETF BTC BTCUSDT
BTC’s price experiences high volatility on the daily chart. Source: BTCUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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