The agency's message states:"Careful what you read on the internet. The best source of information about the SEC is the SEC."
This cautionary note came on the heels of inaccurate reports suggesting that the SEC had approved a spot Bitcoin ETF from BlackRock's iShares, causing a flurry of market activity.with cryptocurrency media outlet Cointelegraph publishing the purported news of the SEC's approval. This claim was further amplified on social media. However, the reality painted a different picture. BlackRock was quick to debunk the rumors, confirming that its ETF application remained under review.
Cointelegraph later edited their post, inserting the word"reportedly." This led to criticism and humorous reactions from readers who questioned the media outlet's journalistic integrity and decision-making process in disseminating such crucial information. Despite their subsequent apology for the error and a report detailing the incident, the community remained angry and frustrated.
Observers like Bitfinexed have pointed out the potential long-term consequences of such episodes, suggesting that they could furnish the SEC with grounds to deny Bitcoin ETF applications. Well, now the SEC knows there was a fake Bitcoin Spot approval market manipulation pump that they can cite in the next spot Bitcoin ETF denial.These incidents show the market's vulnerability to fake news and speculation. Nonetheless, the sentiment among many experts remains positive. Bloomberg analysts, for instance, project a 90% probability of a spot Bitcoin ETF approval by January 10, 2024.
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