The crypto community stirred as news of a Bitcoin ETF approval sent BTC prices to almost $30,000. However, this was debunked, resulting in a drop to around $28,000. This incident highlights crucial aspects within the crypto sphere.

A rollercoaster day for Bitcoin

On Oct. 16, Cointelegraph tweeted that the SEC had given a thumbs up to BlackRock‘s iShares Bitcoin (BTC) spot ETF. Within just an hour, Bitcoin’s value rocketed to around $30,000 – a number we hadn’t seen since the start of August. That’s nearly a 10% jump. It seemed like everyone wanted a piece of the action, thinking this was a big step towards blending Bitcoin with mainstream finance.

But the party didn’t last. Both BlackRock and the SEC were quick to say, “That’s not true.” 

As reality dawned, Bitcoin’s value did a U-turn, diving back to about $28,500 as of Oct. 17. 

CoinGlass reported close to $1

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Author: Ankish Jain

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