X users began spreading rumors about the possible approval of the first ever US spot Bitcoin ETF within 24 hours. We tell you whether you should trust information from a social network.
What’s happened
On October 27, 2023, messages appeared on the social network X (formerly Twitter) that information about the approval of a Bitcoin ETF in the United States would be released within 24 hours. Probably the original source of the rumors became popular YouTube blogger @MartiniGuyYT.
A couple of hours later, a similar post appeared on the microblog of popular investor Arthur Williams.
Should you believe the rumors?
@MartiniGuyYT’s post is a joke related to the recent Bitcoin ETF approval hoax sourced by Cointelegraph. Let us remind you that on October 16, 2023, a tweet appeared on the publication’s microblog. It claimed that the US Securities and Exchange Commission (SEC) had approved the first spot Bitcoin ETF in American history. The market reacted to the news with rapid growth.
A couple of hours later, Cointelegraph corrected the tweet. The revised version replaced the direct statement that the tool was approved with the phrase “reportedly.” Thus, the publication tried to say that they received messages of such content. Soon evidence appeared online that the news was fake. The market quickly recovered the realized growth and returned to its previous positions.
In @MartiniGuyYT’s tweet and subsequent posts, the phrase “reportedly” is a reference to the hoax that triggered the market’s rise. The reference was not obvious to all representatives of the crypto industry. As a result, users X started spreading news on the network.
The news does not have a reliable source, which means it should not be trusted. How say in the Commission, “the best source of information about the SEC is the SEC.” Regulator sources do not contain data on the approval of the tool.
Why Bitcoin ETF is so important
The market reacts emotionally to reports of a Bitcoin ETF in the US because investors expect active growth of BTC and the entire crypto industry against the backdrop of the approval of the instrument in the US. For example, Galaxy Digital analysts believe that permission to launch it in America will allow Bitcoin to grow by 74% in a year. The largest BTC investor among public companies, Microstrategy, in turn, sees prospects for the instrument to absorb trillions of dollars.
One of the latest examples of the impact of Bitcoin ETF reports on the market is the active growth on October 23. BTC showed positive dynamics on the news of the appearance of the ticker of BlackRock’s spot Bitcoin ETF – iShares Bitcoin Trust (IBTC) – on the list of the clearing corporation Depository Trust and Clearing Corporation (DTCC). Many believe that this step is a reference to the imminent launch of the tool.
Against the background of the spread of another fake about the approval of a tool in the United States, another wave of growth is possible.
Source: Cryptocurrency
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