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Bitcoin Briefly Jumps To $30k Before Settling Above $28k Following False Bitcoin ETF Reports

Twitter icon  •  Published il y a 6 mois  •  Hassan Maishera

Bitcoin briefly touched the $30k level on Monday following a false Bitcoin ETF report before retracing to the $28k level.

TL;DR

  • Bitcoin rallied to the $30k region on Monday following false reports of a spot Bitcoin ETF approval.

  • BTC has since settled above the $28k level.

False Bitcoin ETF Approval Report Pushes BTC To $30K

It was a rollercoaster Monday as the cryptocurrency market experienced massive volatility spanning a few hours. Bitcoin was trading just below the $28k level on Monday before jumping to the $30k level, adding more than 6% to its value in less than an hour.

The rally came following a report by crypto media outlet CoinTelegraph that the US SEC had approved the spot Bitcoin exchange-traded fund (ETF) filed by BlackRock. 

However, the report turned out to be false after BlackRock came out and revealed that the SEC has yet to approve its Bitcoin ETF proposal. The world’s largest asset management fund said the regulatory agency is still reviewing its application.

This resulted in Bitcoin crashing back towards the $28k level. Bitcoin is now up by more than 2% in the last 24 hours and is currently trading just above $28,100 per coin.

While the report might have been false, the rally serves as what could happen if the US SEC approves a spot Bitcoin ETF proposal. The approval of a spot Bitcoin ETF could signal the official entry of institutional investors into the cryptocurrency market and could see BTC embark on a massive rally.

Thanks to yesterday’s positive performance, the total cryptocurrency market cap now stands at $1.09 trillion, up by more than 2% in the last 24 hours.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.