The price of Bitcoin (BTC), the largest cryptocurrency by market cap, has reacted positively to purported fake news recently released by the leading crypto news outlet Cointelegraph.
The rumor spread by Cointelegraph was about the approval of the Bitcoin ETF (Exchange Traded Fund) filed with the United States Securities and Exchange Commission (SEC) by the leading asset manager BlackRock.
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Bitcoin (BTC) on a Swift Spike to $30,000
As the already deleted report was posted by Cointelegraph as seen in the image below, the price of the flagship crypto asset swiftly spiked to $30,000. The market trend also turned green for the majority of cryptocurrencies in the market.
However, the news was swiftly subjected to fake news by notable experts in the crypto industry, such as experts from Bloomberg Intelligence, Eric Balchunas, and James Seyffart. They both claimed that the news lacked legitimacy.
Seyffart wrote on X, “I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment.”
I believe this to be fake news.
While this would be positive for the things we've been saying. I can't find anything that would confirm this at the moment. #Bitcoin https://t.co/gVGGUsBfga
— James Seyffart (@JSeyff) October 16, 2023
Fox News reporter Eleanor Terret also joined the voices that discredited the news after confirming that BlackRock’s application is still being reviewed by the U.S. SEC.
Balchunas of Bloomberg, on the other hand, said people should expect tons of related headlines in the coming months.
“While I expect to wake up one day in next couple months to a headline just like this, this seems a bit ahead of schedule. Trying to confirm source now. Stay tuned…
“On one hand the crypto trades have solid rep of breaking big news, on the other they also have rep of taking words and re-ordering them in a more exciting but not accurate way.”
On one hand the crypto trades have solid rep of breaking big news, on the other they also have rep of taking words and re-ordering them in a more exciting but not accurate way
— Eric Balchunas (@EricBalchunas) October 16, 2023
Another notable community member, Luke Martin, taunted Cointelegraph for this unfounded report and those of the past. He wrote, “Cointelegraph’s track record of breaking news being real is about as good as Bitcoin’s ETF approval rate.”
Although the fake report has since been deleted by the crypto news outlet, the reaction of Bitcoin price to the news is a testament to the importance of the anticipated approval.
At the time of writing, BTC is trading at $28,147, with a relatively 5% price upsurge in the last 24 hours, according to CoinMarketCap.
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