Yesterday, a popular crypto news platform made a last-minute announcement about ETF based on a fake image obtained from a terminal. This terminal, which costs $30,000 per month, is used by professional investment firms, and Cointelegraph shared it on social media without verifying it. We then reported to you what happened step by step.
Why Bitcoin and Crypto Are Rising?
The news of the approval of the spot Bitcoin ETF yesterday led to the price of BTC reaching $30,000. This movement, which caused the liquidation of massive short positions, was triggered by Cointelegraph. Moreover, no one was able to clearly refute this in the first 7-8 minutes. Bloomberg’s ETF expert James even mentioned that the news from Benzinga was dropped into the terminal (a paid fast news feed application) by Reuters and that he was looking for more evidence.
It was later understood that all of these came from a fake image. However, while the price of Bitcoin fell from $30,000, it held on to the $28,000 level. The price is now at $28,400. In the following hours, the SEC shared an announcement from its own account saying “Be careful about what you read on the internet” and “Follow the news/announcements/decisions about the institution from us.”
The optimism was supported by the statements made by BlackRock’s Fink. Moreover, as of Friday, Grayscale will contact the regulatory institution again regarding the conversion of GBTC to an ETF.
BlackRock’s Bitcoin and Crypto Statement
BlackRock, the world’s largest asset management firm, applied for a spot Bitcoin ETF in June. This company, known as the largest lender to governments, manages the largest customer assets in the field, amounting to nearly $10 trillion. So, we are talking about the asset management company most preferred by the richest people. Therefore, the steps to be taken by BlackRock are of critical importance for crypto.
BlackRock CEO Larry Fink said that yesterday’s news reflected a suppressed interest, even if it was wrong. In fact, in the middle of bear markets, the price of BTC suddenly reached $30,000 in just a few minutes. Moreover, this was not triggered by confirmed information.
Fink said he received “rumors about the need for crypto” from clients all over the world.
“Part of this rally is beyond speculation. Depending on how you think, whether it’s in Treasury bonds, gold, or crypto, I think more people are experiencing a flight to quality. And I believe crypto will play a role as a flight to quality.”
