Why Bitcoin Cash (BCH) Skyrocketed 12% Higher Today

Bitcoin Cash BCH/USD gained as much as 12.4% to $244.62 during Monday morning before pulling back amid circulation of false rumors of the iShares Bitcoin Spot ETF receiving approval. BlackRock has refuted false information, confirming that their Bitcoin ETF application is still under review in response to Fox Business journalist Eleanor Terrett.

CoinTelegraph issued an apology for a misleading tweet about the BlackRock Bitcoin ETF and is conducting an internal investigation, pledging to share the investigation's findings with the public.

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Why This Matters To Bitcoin Cash

The approval of a Bitcoin ETF is considered a significant milestone for the cryptocurrency market. If investors believed that the iShares Bitcoin Spot ETF was approved, it could have led to increased optimism about the overall crypto market, including Bitcoin Cash, as it suggests greater institutional interest and legitimacy for cryptocurrencies.

Cryptocurrency markets can be highly volatile, and prices can quickly react to news and rumors. In this case, the price of Bitcoin Cash initially surged but then pulled back, which is not unusual in such scenarios.

Traders might take profits or reevaluate their positions once they realize the news was false.

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