Bitcoin pumps 10% within 10 minutes following a “fake news”
A report by the Cointelegraph media claims that the US financial regulator SEC approved the first bitcoin spot ETF and following the news the trade price of Bitcoin surged rapidly and minutes later retraced back.
Bitcoin spot ETF applications are currently in the queue on the table of the United States Securities and Exchange Commission (SEC) to get regulatory approval. Currently, more than a dozen such applications are waiting to secure regulatory approval but the applicants are uncertain whether the SEC body will approve or not, as the SEC agency rejected all Bitcoin spot ETF applications in the past between Dec 2021 to YTD.
Nearly 1 & half hour ago, from the time of the publication of this article, the popular crypto news website Cointelegraph published a tweet on the X (formerly Twitter) and claimed that the SEC body approved iShares Bitcoin spot ETF, a Bitcoin spot ETF application by the giant fund manager firm BlackRock.
That tweet was deleted within 40 minutes of the tweet, as people started to report that the news was fake.
Following this news, a FoxBuisines journalist reported that the BlackRock firm officially confirmed that the application is still under a review process & not approved yet.
So far no update has come from the Cointelegraph media regarding this fake reporting but the Bitcoin traders showed impulsive action on behalf of this fake news.
Within 10 minutes of the Cointelegraph’s tweet, the trade price of Bitcoin surged 10% & hit nearly 30k trade price when people came to know that it was fake news news then the trade price of Bitcoin returned to approximately 5% within few minutes, as we can see in the trade price graph.
Earlier this year, another Press Release (PR) media published fake news, claiming the US SEC settled the case with the San Francisco-headquartered blockchain firm Ripple in the XRP lawsuit. Following the report, the trade price of the XRP coin surged rapidly & further retraced back within minutes when people realised that news was fake.
Read also: Edward Snowden suggests focusing on Bitcoin fundamentals instead of ETFs
