Bitcoin Soars on Rumors of SEC Approving Spot ETF Before Pulling Back - Real Approval Could Lead to Further Gains
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Bitcoin briefly rallied 7% to $30,000 on fake news of SEC approving BlackRock's spot BTC ETF before retracing. Real approval could spark even larger price gains.
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Analysts say violent price action shows market isn't fully pricing in impact of spot ETF approval yet.
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While some see big upside on approval, others say gains are already baked in. Rejection could send prices tumbling.
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Market obsession with spot ETF approval shows its huge importance as a positive catalyst.
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Approval could be a "sell the news" event with prices spiking then declining as benefits play out over years.
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