December 4, 2023

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BREAKING: BlackRock’s Spot Bitcoin ETF appears to have been approved!  Price responds instantly – BLOX

BREAKING: BlackRock’s Spot Bitcoin ETF appears to have been approved! Price responds instantly – BLOX

In the live blog below, we will inform you in real time of the latest developments regarding the alleged approval of the BlackRock Bitcoin Spot ETF by the US Securities and Exchange Commission. It now appears that this news is not true.

• Update 8:00 PM: Cointelegraph is not yet providing clarity

In its most recent tweet, Cointelegraph noted that the news company has launched an internal investigation to determine how the misleading tweet about the alleged endorsement of a Bitcoin exchange-traded fund was published. Cointelegraph will take 3 hours for this. That deadline has now passed, but it is not yet clear how fake news was able to spread via Cointelegraph’s Twitter channel. However, many rumors and memes are being shared on Twitter suggesting that it was the intern’s fault.

• Update 5:00pm: The Bitcoin ETF has not yet been approved

The Wall Street Journal picked up the phone to ask asset manager BlackRock directly what is true and what is not true about the rumors about the potential approval of the Spot ETF by the Securities Exchange Commission (SEC). Conclusion? The rumors are unfortunately not true. An application for a Bitcoin ETF (exchange-traded fund) is still pending with the US Securities and Exchange Commission, a BlackRock spokesperson said. Fox Business News’ Eleanor Terrett also contacted BlackRock and agreed that the rumors are not true.

The price of Bitcoin has now also fallen from around 28,500 euros to a price of around 26,700 euros. This means that the price is still about 1,500 euros higher than last week’s price level.

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• Update at 4:40 p.m.: Cointelegraph apologizes

In a tweet, Cointelegraph just announced that it apologizes for publishing incorrect information regarding an application for a Bitcoin exchange-traded fund by the world’s largest asset manager BlackRock.

The cryptocurrency news site is currently investigating how this misunderstanding occurred. The company gives itself a 3-hour deadline during which it wants to share its findings with the outside world.

• Update 4:00 p.m.: Reports appear to be fake news

NB; There is a high probability that the report that BlackRock’s Bitcoin ETF has been approved is fake news. Perhaps with the aim of causing a pump and dump in the price of Bitcoin.

After all, it was not BlackRock itself that announced this news. Instead, it was several other Twitter channels that published the so-called news, including those of Cointelegraph, one of the largest cryptocurrency news platforms in the world. Most of the tweets, including Cointelegraph’s, have now been edited or deleted. Additionally, there are more and more opposing viewpoints on Twitter.

• Update 3:40pm: Bitcoin ETF appears to have been approved, price rises 10%

In the absence of an official source, this is a bit of a stretch, but the ETF that BlackRock introduced this year appears to have been approved by the US Securities Exchange Commission (SEC). All major Twitter channels posted about this topic in the last 15 minutes.

This means the first ETF since the birth of the cryptocurrency industry. Bitcoin price It responds instantly with an increase of approximately 10% in just a few minutes.

Original tweet from Cointelegraph which spreads fake news to the world. Cointelegraph has now deleted the tweet.

There is no official source yet

BlackRock’s Exchange-Trade Fund is a spot exchange-traded fund (ETF) that tracks the market price of Bitcoin. This allows investors to invest in Bitcoin without having to physically purchase, secure, and manage it. According to many analysts, the approval of such an exchange-traded fund is likely to be the main driver behind the significant uptrend in the price of Bitcoin. For now, the price appears to be responding immediately, although it remains to be seen if the various Twitter channels that broke the news have their sources sorted. It became clear this morning that the head of the Securities and Exchange Commission will thwart the creation of a bitcoin ETF.

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iShares Bitcoin Trust

BlackRock itself doesn’t call the product an ETF, but rather an “iShares Bitcoin Trust,” though it actually works in a similar way to ETFs. Registration documents filed by BlackRock with the Securities and Exchange Commission show Coinbase Custody acting as administrator.

An ETF is a listed investment fund that trades like a stock and reflects the performance of a particular index, sector or asset class. The great thing about this is that with the arrival of the ETF, the Bitcoin asset suddenly became available to investors and institutional parties who did not want exposure to the asset itself. These American investors have been eyeing the first true “Bitcoin spot investment fund” for years, because it suddenly makes it possible for Wall Street investors to invest in Bitcoin. This also gives significant capital access to the Bitcoin market at one time, which could lead to significant price increases – if not upwards.

BlackRock Bitcoin ETF will be the first

The SEC rejected all applications for spot bitcoin ETFs on the grounds that the applicants had not demonstrated their ability to protect investors from market manipulation. Therefore, approval of BlackRock’s request could lead to a major change.