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Wrong ETF News Cost 100 Million Dollars! The United States Securities and Exchange Commission (SEC) has not officially approved a spot Bitcoin ETF yet. However, there were rumors today on X that the SEC had approved BlackRock‘s Bitcoin spot ETF application, causing significant speculation.
This unconfirmed development seems to be the beginning of the eagerly awaited bull season, and the Bitcoin price suddenly rose to the $30,000 mark. However, this hype lasted short and the BTC‘s value declined back to the $28,000 level.
Market experts agree SEC will not reject the spot Bitcoin ETF application of a financial giant like BlackRock easily. According to the rumors, SEC had approved a Bitcoin spot ETF. However, there was no information on this rumor on the official channels of both SEC and Nasdaq. The definitive response came from BlackRock: “Our ETF application is still being reviewed by the SEC.”
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Eric Balchunas, a senior ETF analyst at Bloomberg, stated that the source of this rumor was Cointelegraph. The news was also quickly shared by media outlets like Reuters, leading to a sudden rise in the BTC price.
Wrong ETF News!
A new statement from Cointelegraph confirms that the previous rumor led to misinterpretation. Here is the updated version of the statement:
“We apologize for causing misunderstanding about the BlackRock ETF application. Our internal audits continue and we are preparing to share our findings with the public.”
The speculations caused Bitcoin’s price to suddenly rise to the $30,000 level and this led to the liquidation of a fund of about $100 million in the market. About $70 million of this amount was loss by investors in their short positions.
It is not yet clear whether the ETF rumor is a planned show or a misunderstanding. However, such incidents often occur in the market, and speculations are exist to attract attention and sensitivity of investors. Such incidents can affect market participants and while some can gain greatly, others can suffer significant losses.
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