Bitcoin Surges on False ETF Approval Rumors Before Retracting

Multiple major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin saw significant price spikes due to false rumors of SEC approval for BlackRock's proposed Bitcoin spot ETF.
The rumors originated from a now-retracted CoinTelegraph tweet and led to over $100 million in short position liquidations before being denied by BlackRock.
While a spot Bitcoin ETF is still awaiting regulatory approval, analysts believe its eventual acceptance could significantly impact crypto markets.
Major firms like Fidelity, WisdomTree, and Grayscale have also filed for spot Bitcoin ETFs as interest in the products grows.
Despite volatility from the false news, Bitcoin has outperformed stocks and remains up over 60% year-to-date amid hopes for broader crypto adoption.