Incident Cause:

According to the investigation, the cause of this incident was a user in a Telegram channel sharing a message stating "Breaking News: US Securities and Exchange Commission approves Bitcoin spot ETF." Other users requested the source of the news, but the user did not respond. Approximately 40 minutes after the message was shared (currently, the message and the account that shared it have been deleted), Cointelegraph's social media team reported on this on X platform.

After conducting an internal investigation, Cointelegraph stated that "this violated Cointelegraph's social media process: that is, confirmation of the source and obtaining editorial approval is required before publication." Subsequently, Cointelegraph contacted BlackRock and Bloomberg Terminal and deleted the post.

Incident Outcome:

However, once the news was published, it caused turbulence in the crypto market, with Bitcoin quickly rising from around $27,000 to above $30,000, leading other cryptocurrencies to rise as well.

Following this incident, BlackRock CEO Larry Fink stated in an interview that the rise in cryptocurrencies represents a "shift to quality assets driven by real economic factors," rather than false speculation, and that their clients around the world have a demand for cryptocurrencies.

He stated, "This rebound far exceeds the impact of fake news. More and more people are turning to quality assets such as US Treasury bonds, gold, and cryptocurrencies." However, he did not comment on the approval process for the company's Bitcoin spot ETF.

Former BlackRock Managing Director and current CEO of MarketVector Indexes, Steven Schoenfield, stated earlier this month at the CCData Digital Asset Summit in London that the US Securities and Exchange Commission would need three to six months to approve a Bitcoin spot ETF. Schoenfield said, "I think the SEC may approve all ETF applications at the same time, they don't want to give anyone an advantage. They have not completely rejected any on the entire list, but are seeking opinions, which is a small but significant progress."

The bullish response to this incident is not surprising, as there are high expectations for the first batch of Bitcoin spot ETFs in the US. If the Bitcoin spot ETF is ultimately approved, it could have a significant impact on Bitcoin and the crypto market, including:

Mainstream exposure: The spot ETF will introduce Bitcoin to tens of millions of new investors through retirement accounts and brokerage accounts in unprecedented ways.

Increased legitimacy: Approval by the US Securities and Exchange Commission will increase the legitimacy of Bitcoin and reduce the stigma of Bitcoin as an investable asset class for institutional investors and advisors.

Positive price effects: Shortly after the launch of ETFs in Canada and Brazil, the price of Bitcoin surged in 2021. The US ETF may spark investor interest, leading to a similar bull market.

Although it is currently unclear when the US Securities and Exchange Commission may approve the Bitcoin spot ETF, this product will change the game rules for the legalization of cryptocurrencies in the US. It will reduce the operational risk of holding Bitcoin and pave the way for the approval of future spot ETH ETFs and other products.

Finally, Mingjie wants to say that after this incident, it can be seen that despite the false news of the approval of the Bitcoin ETF, the momentum is still building, and people's enthusiasm for cryptocurrencies remains undiminished!

For more content, follow Mingjie:

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。