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Bitcoin Briefly Jumps on Hopes for Spot ETF Approval

By
Kyle Torpey
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Full Bio
Kyle Torpey has been writing about Bitcoin since 2013. His work has been featured in Forbes, Fortune, Bitcoin Magazine, Wired UK, and many other media outlets. He has also attracted more than 50,000 followers on Twitter.
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Published October 16, 2023
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Key Takeaways

  • Bitcoin price jumped 5%, inching closer to $30,000 on an erroneous news report
  • A news outlet reported and later retracted a social media post about SEC approving Blackrock's spot Bitcoin ETF.
  • While Bitcoin pared back some of the earlier gains, it was still up firmly after the clarification.
  • Approval of a spot bitcoin ETF long has been viewed as a pivotal moment in the crypto asset's acceptance among mainstream investors.
Bitcoin's price briefly rose more than 5% to nearly $30,000 early Monday after an erroneous report that investment firm giant BlackRock's bitcoin spot exchange-traded fund (ETF) had received approval from the U.S. Securities and Exchange Commission (SEC).

The now retracted story published by Cointelegraph on social media platform X (formerly Twitter), was was denied by Blackrock to other news outlets. While bitcoin started Monday in the U.S. at around $27,750, it had settled back to just above $28,000 by about 2:24 p.m. ET.

The potential approval of a spot bitcoin ETF has been watched closely by crypto market participants for years, as it is seen as a key stepping stone for mainstream financial acceptance and could enable more activity in the market from institutional investors. A number of futures-based bitcoin ETFs already exist in the U.S.

In light of the bitcoin price spike after the erroneous report Monday, some investors now believe that the eventual approval of a spot bitcoin ETF in the U.S. isn't entirely priced into the bitcoin market. "We can safely conclude the following ... Bitcoin ETFs were not and are not priced in," Altana Digital Currency Fund Chief Investment Officer (CIO) Alistair Milne posted on X Monday.

According to Bloomberg analysts, there is a 90% chance that a spot bitcoin ETF gets approved by January.

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