Bitcoin breaches $30,000 on rumors of BlackRock ETF approval

On October 16, Cointelegraph reported that the SEC approved the spot Bitcoin-ETF from BlackRock. Amid the rumors, the price of the leading cryptocurrency rose above $30,000, but the outlet later deleted the post.

IT’S GONE pic.twitter.com/IoU3e07wwn

— Josh (@CryptoWorldJosh) October 16, 2023

October 16, 2023 | 17:49Update:

As of writing, the price had retraced to around $28,175.

On this basis, Bitcoin briefly exceeded $29,000. Over the past 24 hours the asset rose about 6.9%, in an hour — about 5.2%, according to CoinGecko. At one point the first cryptocurrency topped $30,000.

The Block, citing SEC and Nasdaq websites, has not yet confirmed reports of a BlackRock BTC ETF approval.

*SEC, NASDAQ WEBSITES DON’T APPEAR TO SHOW A RECENT BITCOIN ETF APPROVAL — DESPITE RUMORS ON X — THE BLOCK PRO

— The Block Pro Headlines (@theblockupdates) October 16, 2023

A Bloomberg analyst James Seyffart said he regards the news as fake. He cited sources at the agency, BlackRock, the SEC, and “other places”, saying, “this is not true.”

Okay. Have a few different sources including Bloomberg reporters with sources at BlackRock, SEC and other places. Can confidently say that this is not true. https://t.co/QIxhP2AfoO

— James Seyffart (@JSeyff) October 16, 2023

No corroborating documents were publicly available. Several outlets reported, citing BlackRock, that the news was fake.

BREAKING: BlackRock #Bitcoin ETF application is still under review, says company. Reports of approval are false. — Fox Business

— Breaking Whale (@BreakingWhale) October 16, 2023

In a comment to The Block, BlackRock representatives said their application remains under review by the SEC. CoinDesk likewise confirmed.

Later, Cointelegraph apologized for the tweet that led to the dissemination of inaccurate information about the BlackRock Bitcoin ETF.

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.

An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…

— Cointelegraph (@Cointelegraph) October 16, 2023

In the current situation, an internal investigation is underway, the statement says.

BlackRock submitted an application to the SEC for an investment product based on digital gold on June 15. Following the financial giant, similar requests were made by Valkyrie, Fidelity Investments, WisdomTree and Invesco.

So far the regulator has not granted any approvals for launching spot ETFs on digital gold. The Commission did make an exception for similar products based on Bitcoin futures from ProShares and Valkyrie Investments.

As noted, in September SEC Chair Gary Gensler told Congress that the agency continues to study the court decision in the Grayscale case, as well as numerous applications for spot Bitcoin ETFs.