Bitcoin Price Spikes on Erroneous BlackRock ETF Approval Rumor, Then Retreats After Debunked

Bitcoin soared to nearly $30,000 on Monday following a rumor that the SEC approved BlackRock's spot Bitcoin ETF application. The rumor was later debunked.

The rumor was based on a now-deleted CoinTelegraph tweet. Bitcoin pared back gains after the rumor was debunked.

BlackRock filed for a spot Bitcoin ETF in June, leading to similar filings from WisdomTree, Invesco, and Fidelity. A spot Bitcoin ETF has yet to be approved.

The SEC lost a case against Grayscale earlier this year, making approval of a spot Bitcoin ETF more likely. The SEC won't appeal the Grayscale decision.

CoinTelegraph said it is investigating what led to the incorrect tweet about BlackRock's ETF approval.