On a bustling Monday, the cryptocurrency-focused news platform Cointelegraph broadcasted that the U.S. Securities and Exchange Commission (SEC) had given the green light to Blackrock’s Ishares spot bitcoin exchange-traded fund (ETF). The unverified news spread like wildfire, and in its wake, the value of BTC soared over 10% against the U.S. dollar, without any official confirmation from either the SEC or Blackrock.
Unverified Blackrock ETF News Sends Bitcoin Skyrocketing; Cointelegraph Faces Backlash
In the unpredictable universe of cryptocurrencies, a piece of fabricated news sent the market into a significant upswing. The false report claimed that Blackrock’s spot bitcoin ETF received approval, which led to Bitcoin’s price rocketing from $27,700 per coin to a hefty $29,900 following Cointelegraph’s viral social media post on X.
Yet, the news was entirely unfounded, as Fox News reporter Eleanor Terrett revealed that Blackrock verified the news as “false,” clarifying that the application was still under scrutiny.
Blackrock reiterated the falsehood of the news to The Block, highlighting that the ETF application was still pending approval from the securities regulator. Bloomberg ETF expert James Seyffart labeled Cointelegraph’s shared social media post as “fake news,” noting his inability to find any validating information.
In response to the controversy, Cointelegraph has since removed the social media post on X, amended a post on Telegram, and appended the word “reportedly” to the statement. That specific Telegram post has also been withdrawn.
Following the false news, BTC skyrocketed to nearly $30K, only to lose its footing once the truth was revealed. Currently, the price has dipped below the $28K per coin mark. The pressing question now is, after the impact of the false news, how will a legitimate approval impact the markets?
After the news was discovered to be phony, Cointelegraph updated the public. “We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF,” the news publication said. “An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours,” the company added.
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