Bitcoin Soars, Then Plunges on False Report of Spot ETF Approval

Bitcoin surged from $27,900 to $30,000 after false report of spot ETF approval posted on social app X, formerly Twitter.

The false report led to nearly $100M in liquidations in the past hour before being deleted after 30 minutes.

Bitcoin fell back to $28,000 as analysts and reporters expressed skepticism about the report.

BlackRock confirmed report is false. SEC website shows no spot bitcoin ETF approvals.

Bitcoin had risen 4% in Asian trading Monday, continuing Friday's reaction to SEC decision not to appeal Grayscale ruling.