Fake Blackrock ETF Approval News Causes Bitcoin to Soar: Crypto Markets Are Rippled with Misinformation

Bitcoin Soars Due to False Blackrock ETF Approval News: Crypto Markets Are Filled with Misinformation

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A busy Monday saw the announcement on the cryptocurrency-focused news portal Cointelegraph that Blackrock’s Ishares spot bitcoin exchange-traded fund (ETF) has received approval from the U.S. Securities and Exchange Commission (SEC). Unverified rumors quickly gained traction, and without any official confirmation from Blackrock or the SEC, the value of Bitcoin shot up more than 10% vs the US dollar.

Bitcoin Soars on Unverified Blackrock ETF News, But Cointelegraph Gets Fired

Within the volatile realm of cryptocurrency, a false report caused a sharp increase in the market. After Cointelegraph’s widely shared social media article on X, which purportedly confirmed Blackrock’s spot bitcoin ETF’s clearance, the price of bitcoin shot up from $27,700 to a whopping $29,900.

However, the story was completely untrue, as Fox News reporter Eleanor Terrett disclosed, stating that Blackrock had confirmed the allegation as “false” and that the application was still being reviewed.

Blackrock restated the untruth of the report to The Block, emphasizing that the securities regulator had not yet approved the ETF application. Cointelegraph’s shared social media article was branded as “fake news” by Bloomberg ETF expert James Seyffart, who also noted that he was unable to locate any supporting data.

Cointelegraph has subsequently taken down the social media post on X, changed a message on Telegram, and added the phrase “reportedly” to the statement in reaction to the criticism. Additionally, that particular Telegram post has been removed.

Bitcoin surged to around $30K when the bogus information was spread, but it lost ground as the reality came to light. As of right now, the price has fallen below $28,000 per coin. Right now, the most important question is how the markets will react to a valid clearance given the effect of the misleading news.

Cointelegraph kept the public informed once it was determined that the report was false. The news outlet issued an apology for a tweet that caused false information about the Blackrock Bitcoin ETF to be spread. “An internal inquiry is going on right now. We are dedicated to openness, and as soon as the inquiry is finished—within three hours—we will make the results available to the public,” the business stated.

Regarding the false ETF news that surfaced on Monday, what are your thoughts? Please feel free to express your ideas and opinions in the space provided for comments below.

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