Bitcoin jumped to nearly $30,000 on Monday

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Bitcoin jumped to nearly $30,000 on Monday, its peak since late August, after a false report circulated on Twitter/X that BlackRock Inc.’s spot bitcoin ETF was approved by the SEC. The price shot up to $29,900 after cryptocurrency news site Cointelegraph tweeted at 9:24 a.m. New York time Monday morning “BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF,” falsely reporting that the Securities and Exchange Commission had approved the first spot bitcoin ETF. The post was first edited, and then deleted after BlackRock clarified to Bloomberg that their application was still under review. Bitcoin fell to about $28,000 by the end of Monday.

Bitcoin’s price has doubled over the past year in part on expectations the SEC will approve a spot bitcoin ETF, giving investors options beyond the futures crypto funds currently available. The SEC in fact did open the door wider to a spot bitcoin ETF on Friday, Oct. 13 when it declined to appeal a court ruling that found the agency was unfairly blocking Grayscale Bitcoin Trust’s effort to convert the trust into the first spot bitcoin ETF.

ETF Newz Says:

“[It’s possible] that somebody simply jumped the gun, making a statement that was more hopeful than factual, but others would argue that this was a malicious act,” said Ric Edelman, founder of the Digital Assets Council of Financial Professionals. He said that Cointelegraph may have mistakenly reported what turned out to be a pump and dump scheme, in which someone knowingly circulated the rumors to manipulate the price.

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