In recent developments, a crypto news outlet, Cointelegraph, posted unverified claims regarding the approval of a spot Bitcoin ETF (Exchange Traded Fund) filed by asset management giant BlackRock. The misleading post garnered substantial attention, triggering a temporary surge in cryptocurrency market volatility. However, experts and reliable sources have since debunked the news.
Debunking the Misinformation
The cryptocurrency community was sent into a frenzy when Cointelegraph reported on the supposed approval of the iShares Bitcoin ETF filed by BlackRock. The news prompted Bitcoin’s price to briefly touch the $30,000 mark, a level not seen in months. Nevertheless, seasoned experts from Bloomberg Intelligence, namely Eric Balchunas and James Seyffart, emphasized the lack of authenticity in the news.
JUST IN: $65 million $BTC liquidated within minutes following fake reports that BlackRock’s Spot #Bitcoin ETF was approved. pic.twitter.com/Uxb6pCfhdu
— Watcher.Guru (@WatcherGuru) October 16, 2023
BlackRock’s Confirmation
Fox News reporter Eleanor Terret reached out to BlackRock, which swiftly confirmed that the news of approval was entirely false. The company clarified that its application is still under review by the U.S. Securities and Exchange Commission (SEC).
Caution Amid Uncertainty
Eric Balchunas expressed his expectations of encountering more “fake reports” in the near future, though he suggested that this particular incident appeared premature. He underscored the importance of verifying sources and maintaining accuracy in reporting, especially in the crypto space.
Despite the debunking by experts and BlackRock’s confirmation, Cointelegraph has not removed the post or issued a clarification. As the post continues to gain significant attention, it has ignited a heated debate within the crypto community. Some users have called for accountability, while others have questioned the outlet’s approach in disseminating news without clear and verified sources.
This incident serves as a reminder of the need for reliable and fact-checked information in the cryptocurrency industry, where news can significantly impact market dynamics and investor sentiment.
