Bitcoin, the world’s most popular cryptocurrency, has been on a rollercoaster ride in recent years. From its meteoric rise in 2017 to its sharp decline in 2018, Bitcoin has been a hot topic in the financial world. And now, an unconfirmed fake news about the approval of a Bitcoin ETF has set off a surge in the cryptocurrency’s value.

What is a Bitcoin ETF?

Before we dive into the fake news, let’s first understand what a Bitcoin ETF is. ETF stands for Exchange-Traded Fund, which is a type of investment fund that is traded on stock exchanges. A Bitcoin ETF would allow investors to buy and sell Bitcoin without actually owning the cryptocurrency. This would make it easier for traditional investors to invest in Bitcoin, as they would not have to deal with the complexities of buying and storing the digital currency.

The Fake News

On October 16th, ann inaccurate news article was published by the X account (formerly Twitter) of the news portal CoinTelegraph. What should not be ignored is that it is one of the world’s leading professional media outlets in the field of cryptocurrency. Therefore, the news was immediately considered true by investors.Shortly after publication, the article was deleted and an apology was issued for the misunderstanding. The cooling of the incident caused the price of Bitcoin to fall again.

The Impact on Bitcoin

The fake news about the approval of a Bitcoin ETF had a significant impact on the cryptocurrency’s value. Bitcoin’s price surged by over 10% in just a few hours, reaching its highest point in over a month. This surge was short-lived, as the price quickly dropped back down to its previous levels once the news was confirmed to be fake. This false tweet about U.S. regulators approving the BlackRock BTC ETF highlights the strong interest in such products. Monday’s Cointelegraph spot ETF tweet scam proved that there is only one focus in the cryptocurrency world right now and that is the BTC ETF.

The Reality of Bitcoin ETFs

While the fake news may have caused a temporary surge in Bitcoin’s value, the reality is that the SEC has not yet approved any Bitcoin ETFs. In fact,U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in an interview, “The SEC currently has 8 to 10 Bitcoin spot ETF filings that need to be reviewed. These applications are not just formal, they require a lot of consideration involving various departments of the SEC. “, the Finance Department provides insights, while the Trading and Markets Department carefully reviews submissions.” When asked about the likelihood of the ETF being approved, Gensler responded that he could not comment on the ongoing review and that he personally would not Prejudge the outcome of the process.

Conclusion

The fake news about the approval of a Bitcoin ETF may have caused a surge in the cryptocurrency’s value.The cryptocurrency market is highly volatile, and investors should always do their own research and not rely on unconfirmed news. As for the approval of a Bitcoin ETF, it remains to be seen if and when it will happen. In the meantime, Bitcoin investors should be prepared for more ups and downs in the cryptocurrency’s value.