Fake news drives Bitcoin close to $48k
The recent rally in Bitcoin received a temporary boost late on Tuesday and the crypto briefly rose to within a short distance of $48k on what transpired was fake news.
A social media post announced the SEC had approved ETFs for Bitcoin. The message was sent to the SEC X account. Within minutes the SEC had deleted and disowned the information and said that 'as of Tuesday' it had not approved the BlackRock ETF application.
(AI Video Summary)
Fake social media post causes surge in Bitcoin's value
The recent surge in Bitcoin's value took a detour because of some misleading social media buzz. Someone put out a false post claiming that the SEC, which is a regulatory agency, had given the green light to Bitcoin ETFs. As a result, the price of Bitcoin shot up to nearly $48 000, making investors pretty excited.
SEC disowns and deletes the fake post
But hold on tight, because this excitement didn't last long. The SEC quickly stepped in and deleted the post, saying it was all fake and that they hadn't actually approved any ETFs for Bitcoin. This caused Bitcoin's price to drop, making yesterday's trading day turn from positive to negative. And guess what? That downside trend continued today, pushing Bitcoin's price back down close to where it was before all this happened.
It's important to note that even though the SEC hasn't flat-out said "no" to the BlackRock ETF, we can't say for sure when or if it will ever get approved. All we know is that yesterday's surge in Bitcoin was something we hadn't seen since March 2022, and it really shows how much false information can mess with the prices of cryptocurrencies.
So, if you're new to trading and you come across some news about Bitcoin or any other crypto, make sure to double-check it before making any decisions. It's always better to be safe than sorry.
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