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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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.

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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.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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