HomeContributorsFundamental AnalysisBTC/USD: Bitcoin Volatile on False SEC Approval of ETF

BTC/USD: Bitcoin Volatile on False SEC Approval of ETF

  • CoinGlass reported that $72 million worth of short positions were liquidated on the spike higher from the false SEC approval news
  • US Government holds around 200,000 bitcoins, worth over $5 billion
  • SEC refrains from asking court to change decision on Grayscale bitcoin ETF

Bitcoin’s surge above $30,000 quickly disappeared after Blackrock refuted earlier reports that the SEC approved their spot Bitcoin ETF.  Cointelegraph earlier tweeted a Bitcoin ETF was approved and has since issued an apology and announced an internal investigation.  Blackrock was quick to correct the misinformation on CNBC.

Bitcoin is still higher by 4.5% on the day as optimism remains that Bitcoin is still getting close to that elusive SEC spot Bitcoin approval. Bitcoin has been trapped in a frustrating range since the spring.  Crypto adoption has struggled and competition from Central Bank Digital Currencies are growing.

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