What Might Happen if False ETF Approval News Were Real and Lifted BTC to $30k?
The last 24 hours saw a sharp increase in the price of bitcoin after several weeks of quiet trade. In particular, Bitcoin came close to reaching the $30k price level in recent hours before running into resistance in the $29k area. However, BTC is currently trading at $28,062.51, a substantial improvement over its overall seven-day performance.
Notably, news that the U.S. Securities and Exchange Commission (SEC) had approved the first Bitcoin spot exchange-traded fund (ETF) for BlackRock, a worldwide investment institution managing trillion-dollar worth of assets, was what sparked the dramatic increase in Bitcoin’s price.
The U.S. regulator’s clearance for the Bitcoin spot has been delayed numerous times, and the crypto community has been waiting for it for a while. Investigations, however, later showed that the allegations asserting the SEC had approved the first BTC ETF were untrue.
In instance, Fox Business reporter Eleanor Terrett asserted that she had gotten in touch with the BlackRock team to ask about the veracity of the widely disseminated rumor. Terrett tweeted, paraphrasing one of the claims, “BlackRock has just confirmed to me that this is incorrect. Their request is currently being looked upon.
It’s interesting to note that after Terrett’s statement, the website Cointelegraph removed the article. Participants in the cryptocurrency market have been speculating on the purpose of the fake report. Some argue that it was a premeditated action by some people to profit from the excitement around the creation of a Bitcoin ETF.
Famous angel investor Evan Luthra considered the potential market conditions in the event that the community approves a real Bitcoin ETF. Luthra said, “Imagine what would happen when the SEC actually authorizes the Bitcoin ETF. If bogus BitcoinETF news can cause BTC to surge to $30k.
The fake narrative was a “test pump,” according to the angel investors, who also think the movie is still in the works.
Notably, cryptocurrency market experts have stated that a meager 0.3% of Blackrock’s capital committed to Bitcoin could purchase every BTC on exchanges considering that the company manages assets worth close to $10 trillion.
