Bitcoin’s price surged past $29,000 in recent hours, fueled by misleading reports regarding the SEC’s decision on iShares Bitcoin ETF. As the truth unravels, how will the market respond?
Key Points:
- False rumors suggested the SEC had approved the iShares Bitcoin ETF.
- Leading Web3 industry platforms, including Cointelegraph, circulated the news.
- The SEC has postponed several decisions regarding Bitcoin ETFs throughout the year.
- Possible market manipulations raise concerns over future SEC decisions.
A Wave of Misinformation
Misleading reports hinted at the SEC’s nod to the iShares Bitcoin ETF, pushing BTC’s price notably higher. Renowned sources, like Cointelegraph, backed this information, which was reportedly also relayed by pivotal figures, including Bloomberg.
No official communication from the SEC validates these claims. Instead, several industry watchers, including FoxBusiness’ Eleanor Terrett, have debunked the rumors. Notably, Terrett reached out to BlackRock, who confirmed that such reports are baseless.
A Year of Delays
Throughout this year, the SEC has repeatedly deferred its verdict on numerous Bitcoin ETFs, affecting proposals from industry giants like Fidelity, VanEck, WisdomTree, Invesco, Valkyrie Investments, BlackRock, and Bitwise. Most verdicts are anticipated around October 17, though some, like Bitwise and Valkyrie, have earlier dates.
Speculations of Deliberate Manipulation
The SEC’s stance on cryptocurrencies remains, at best, skeptical. However, the regulator’s recent courtroom loss to Grayscale casts a ray of hope. Grayscale accused the SEC of unequal treatment and abuse of power. The origin of today’s false news has ignited discussions, with some suggesting it could be used by the SEC as a pretext for further market scrutiny.
imagine another round of SEC review to explain about the market manipulation that just happened
— Roundtrippin' Jimmy (@LTTGXBT) October 16, 2023
Bitcoin’s Price Reaction
Post the misleading reports, Bitcoin’s value approached a whopping $30,000 per coin. The news about the alleged iShares Bitcoin ETF approval undoubtedly contributed to this sudden revival. Nevertheless, as reality settled in, Bitcoin underwent a correction and is currently trading slightly above $28,200.
