![Bitcoin’s price shot up by around 10% and crossed the $29,300-mark before slipping back down [File]](https://th-i.thgim.com/public/incoming/s1fx0i/article67429679.ece/alternates/LANDSCAPE_1200/2023-10-16T153451Z_1840509733_RC2QT3ACWU19_RTRMADP_3_FINTECH-CRYPTO-BITCOIN.JPG "Bitcoin’s price shot up by around 10% and crossed the $29,300-mark before slipping back down [File]")
A crypto news website has apologised after its incorrect social media post about the approval of a spot Bitcoin exchange-traded fund (ETF) was debunked and Bitcoin (BTC) prices spiked early in the week.
Cointelegraph had made a post on X (formerly Twitter), saying that the U.S. Securities and Exchange Commission had approved BlackRock’s application for a spot Bitcoin ETF. However, this was soon shown to be false by other journalists and channels, including BlackRock itself.
In the meantime, Bitcoin’s price shot up by around 10% and crossed the $29,300-mark before slipping back down to around $28,100.
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“We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours,” posted Cointelegraph on X on Monday.
In an update, Cointelegraph said that the news lead came from an “unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal.” The publication also said its social media process had been violated when the report was posted to X without an editor’s confirmation. However, an article had not been published with the news. Cointelegraph has about 1.9 million followers on X.
A spot Bitcoin ETF is a product many crypto traders are eagerly waiting for. This would encourage traditional and institutional investors to enter the crypto market in a more regulated manner, with the support of a licensed company, rather than going through riskier decentralised platforms. Multiple applications for these spot Bitcoin ETFs are currently pending, as the SEC is wary of the crypto market as a whole.
“Careful what you read on the internet. The best source of information about the SEC is the SEC,” said the financial regulator on X on Tuesday.
Cryptocurrency prices are extremely volatile. Even coins with large market capitalisation values like Bitcoin can spike or plunge rapidly due to investor emotions, technical factors, and world events.
