BTC Skyrockets to $30K on False Reports About Approved Spot Bitcoin ETF by the SEC

A few reports emerged on Monday claiming that the US Securities and Exchange Commission has finally greenlighted a spot Bitcoin ETF.

Despite the still ongoing uncertainty about the news, BTC’s price reacted with an immediate surge to roughly $30K.

• Although the SEC has approved several futures-based BTC ETFs, the securities watchdog has delayed and rejected every spot ETF application for about a decade now.
• Hopes were raised earlier this year after the world’s largest asset manager – BlackRock – filed to launch such a project.
• Nevertheless, the SEC delayed making a final decision on BlackRock’s application, as well as several others that quickly followed the wealth management behemoth.
• On Monday, October 16, news broke from a few sources that the Commission has finally approved such a product to reach US citizens.
• The price of the underlying cryptocurrency reacted with an immediate surge. It had already pumped to $28,000, as reported earlier today, but the hype around the possible approval took it north by about two grand.
• As a result, bitcoin shot up to its highest price tag in over two months of just under $30,000. However, BTC has already retraced by around $1,500, as the news is yet to be confirmed.

• Update: Shortly after the news broke, several outlets weighed in on the matter, declining the rumors. BlackRock was among the first to do so, and company spokespeople even reportedly said that the iShares spot BTC ETF proposal is still under review.
• Somewhat expectedly, the cryptocurrency’s price fell further and dropped back down to around $28,000.

This is a developing story. Please check back for updates.