False Bitcoin rumors revealing real market sentiment

Mark O'Donnell
- Research Analyst -
October 17, 2023
Commodities, Forex, Trading Opportunities

Bitcoin surged 10% based on fake SEC news regarding BlackRock’s ETF.
Even after correction, Bitcoin maintained a 5% gain, hinting at market anticipation for the SEC’s ETF decision.

Fake news sent Bitcoin up about 10% on Monday, surging from $27,900 to over $30,000 after Crypto news site Cointelegraph posted on X that the Securities and Exchange Commission had approved BlackRock’s spot bitcoin ETF application.

In response to the rumor, BlackRock had to clarify that no decision had been made regarding their ETF application. Even though the rumor has now been debunked, Bitcoin is still up more than 5%, at $28,600, with some movement suggesting that buyers are still willing to probe for more gains.

The 10% upside move has perhaps provided us with a preview of what might happen when/ if the SEC eventually approves or rejects BlackRock’s Bitcoin ETF application. It could also be argued that we are also getting a glimpse into what could happen to BTC/USD if the SEC rejects the application, with targets set at the pre-rumor price of $27,900 the first port of call on the chart.

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