The price of Bitcoin BTC/USD on Monday experienced a rapid surge, reaching as high as $30,000 on certain cryptocurrency exchanges.
What Happened: The reason behind this sudden increase in value was the circulation of erroneous reports online, claiming that the Securities and Exchange Commission (SEC) had approved BlackRock’s iShares Bitcoin ETF.
However, these reports turned out to be completely false.
A spokesperson from BlackRock Inc BLK clarified the situation, stating, “The iShares Bitcoin ETP application is still under review by the SEC,” in a statement to Benzinga.
The spread of fake news regarding the SEC’s approval of the iShares Bitcoin Spot ETF has had repercussions for users in the crypto market.
Lookonchain, an on-chain data analytics firm, reported that a whale or a large-scale investor, spent 613,201 USD Coin USDC/USD to purchase 20.5 Wrapped Bitcoin.
However, shortly after realizing that the news was fake, the whale quickly sold the WBTC for 563,970 USDC. As a result, the investor incurred a loss of $49,231 within a mere 10 minutes.
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: The potential approval of a Bitcoin ETF has been eagerly anticipated within the cryptocurrency industry.
An exchange-traded fund, commonly known as an ETF, is essentially a collection of investments that can be traded on the stock market. If approved, a Bitcoin ETF would enable retail investors and others to invest in Bitcoin through the stock exchange without directly owning the digital asset.
Price Action: At the time of writing, BTC was trading at $28,369.41, up 4.39% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
