Bitcoin Soars on Rumors of SEC Approving Spot ETF Before Pulling Back - Real Approval Could Lead to Further Gains

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.

Analysts say violent price action shows market isn't fully pricing in impact of spot ETF approval yet.

While some see big upside on approval, others say gains are already baked in. Rejection could send prices tumbling.

Market obsession with spot ETF approval shows its huge importance as a positive catalyst.

Approval could be a "sell the news" event with prices spiking then declining as benefits play out over years.