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 is a form of digital or virtual currency that uses cryptography for security and operates independently of a central authority or traditional banking system. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. Key Features: • Decentralization: Cryptocurrencies operate on a decentralized network of computers, meaning no central authority governs or regulates it. • Cryptography: Secure transactions and... 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.