After the false news was debunked, Bitcoin still maintained a certain increase.

By Mary Liu, BitpushNews

Shortly after the opening of the US stock market on Monday, foreign media Cointelegraph published an article on X platform claiming that BlackRock's spot Bitcoin ETF had been approved, igniting instant market enthusiasm and causing Bitcoin to briefly surge by 5%, approaching the $30,000 mark.

![Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 1](https://static.aicoinstorge.com/attachment/article/20231017/169750373550884.jpg "Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 1")

However, this tweet was deleted after only 30 minutes because BlackRock, Bloomberg, and other media outlets confirmed it as fake news, and Cointelegraph apologized for "a tweet that led to the spread of inaccurate information." Bitcoin promptly fell back to above $28,000.

Those who speculated on Bitcoin suffered heavy losses. According to data tracked by Lookonchain, a Bitcoin whale spent $600,000 to purchase 20.5 WBTC after the news broke, but sold it for only $563,000 after the debunking.

![Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 2](https://static.aicoinstorge.com/attachment/article/20231017/169750373624756.jpg "Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 2")

At the same time, the drastic fluctuation of BTC triggered large-scale liquidation.

According to CoinGlass data, as of the close of the US stock market on Monday, the total liquidation amount in the crypto market over 24 hours amounted to $189 million, involving 40,521 traders. The vast majority of these liquidations were short positions, valued at $140 million, with Bitcoin trading accounting for $100 million of these liquidations.

![Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 3](https://static.aicoinstorge.com/attachment/article/20231017/169750373789629.jpg "Bitcoin rose in loneliness, BlackRock CEO's high emotional intelligence response: This is a "retaliatory rebound" against interest in encryptionaicoinFigure 3")

The official X account of the US SEC tweeted: "Be careful about the content you read on the internet. The best source of information about the SEC is the SEC itself."

BlackRock: Sees "interest in cryptocurrencies from clients around the world"

BlackRock CEO Larry Fink stated in an interview with Fox Business Channel on Monday that the false news of the approval of the spot ETF for Bitcoin actually caused the price surge as an example of a "retaliatory rebound" against interest in encryption.

Fink has become a supporter of Bitcoin in recent months, repeatedly emphasizing its role as "digital gold."

Fink stated that he cannot comment on the specific details of the pending Bitcoin ETF spot application at his company, but he mentioned that he has heard "interest in cryptocurrencies from clients around the world."

Fink said, "The significance of this rebound far exceeds the rumor itself to a certain extent. I believe today's rebound is about pursuing quality, and it currently revolves around all the issues of the Israel war and global terrorism. I think more people are pursuing quality, whether it's government bonds, gold, or cryptocurrencies, depending on how you look at it. I believe cryptocurrencies will play an important role in this."

Optimistic estimates for the spot ETF

As reported earlier, the US Securities and Exchange Commission (SEC) stated last month that it is initiating additional procedures to determine whether spot Bitcoin ETF proposals from well-known asset management companies such as BlackRock, Invesco, Valkyrie, and Fidelity should be approved or rejected, and the review period will be extended by at least another month.

Last Friday, after the SEC decided not to appeal the recent Grayscale ruling, there was a positive trend in the price of Bitcoin, which may force regulatory agencies to review Grayscale's spot Bitcoin ETF application.

Philippe Bekhazi, CEO of XBTO Global, stated that the SEC's decision not to appeal is a crucial moment for the cryptocurrency industry.

Bekhazi stated in a report, "Given the pressure from the courts and the US House Financial Services Committee, the question is not whether it will be approved, but when."

He added, "Once approved, it will bring new possibilities for many sovereign wealth funds, pension funds, IRAs and 401ks, and other institutions, which may not have had the opportunity to invest in digital assets before this."

The analyst insisted that once the SEC completes a comprehensive assessment, it is highly likely to be approved in the first quarter of next year. He added, "From then on, we are likely to see many other applications approved in 2024, which will be a positive step for institutional adoption of cryptocurrencies."

Cathie Wood, CEO and CIO of ARK Invest, also commented on the spot Bitcoin ETF filing in an interview with CNBC on October 17. She believes that the SEC's decision to seek more information may indicate that the hope for the approval of the spot Bitcoin ETF is rising.

ARK Invest is one of the asset management companies seeking a spot Bitcoin ETF. Wood first described the status of her company's application and stated, "Last week, we publicly disclosed that we have responded to the SEC's request for information about the Bitcoin filing, and we have responded. Basically, that's all we can reveal at the moment."

When asked about the possibility of the spot Bitcoin ETF being approved by the end of this year, Wood stated that this may be due to ARK's own approval deadline. The SEC must make a decision on ARK's proposal by January 10, 2024. Although ARK's application is at the forefront, Wood pointed out that multiple ETFs may be approved simultaneously.

Market data shows that after the false news was debunked, Bitcoin still maintained a certain increase, rising by 4.8% to $28,505 at the close of the US stock market that day. Due to investors' high hopes for the approval of the spot Bitcoin ETF this year, BTC has risen by 7.4% in the past month and 47.4% in the past year.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。