Bitcoin Jumps on Rumors of BlackRock ETF Approval, Highlighting Potential Impact of SEC Greenlighting Bitcoin Funds

Bitcoin briefly spiked above $30,000 on false reports that BlackRock's bitcoin ETF was approved by the SEC.

The reaction shows there could be significant enthusiasm and price impact if an official bitcoin spot ETF is approved in the future.

Approval odds for a bitcoin spot ETF went up after the SEC didn't appeal a court case loss to Grayscale.

Analysts think SEC approval of one bitcoin spot ETF could lead to approval of several, unlocking tens or hundreds of billions in new investment.

Wealth managers may be more comfortable offering bitcoin exposure through an ETF versus direct digital asset purchases.