Following the dissemination of erroneous information on X by a major media outlet, Bitcoin experienced a precipitous increase. This information was not authenticated, and it stated that a BTC spot ETF had received consent. This caused Bitcoin to rise from $27,000 to $30,000. Eric Balchunas was among the ETF editors at Bloomberg who voiced their skepticism upon their arrival on the scene.
A spokesperson for BlackRock then spoke with Fox Business journalist Eleanor Terrett, reiterating that the information was false and that the application was still undergoing review. BlackRock is a prominent financial institution that monitors spot BTC ETF approval. Gary Gensler and the associated US Securities and Exchange Commission (SEC) make the final decision regarding the approval of a Bitcoin spot ETF. In this scenario, the iShares ETF from BlackRock is at the top of the list. Many experts believe that there should be a consensus against the proposed applications.
Following the misleading ETF information, it is presumed that a large volume of BTC worth millions of dollars was quickly liquidated. Traders of Bitcoin are currently experiencing high levels of anxiety.
Bitcoin’s 4% increase to $28,300 justifies a substantial portion of the earnings generated by the misleading news. Larry Fink, the CEO of BlackRock, attributed the deceptive statement to a preference for cryptocurrencies, as reported by Fox Business and other media outlets. He related the event to the ongoing Israeli war.
In the end, Wall Street came out with its own version. New York witnessed the S&P 500 increase by 1.06%. The Dow Jones index rose by 0.93%, and the Nasdaq was up by 1.2%. Stocks saw an increase, and oil prices stabilized.