Bitcoin (BTC) took an 8% dive following a now-debunked report of the SEC approving BlackRock's iShares Bitcoin ETF

Bitcoin (BTC) experienced an abrupt drop of 8%, plunging below $27,000, following misinformation about the approval of the iShares Bitcoin ETF. 

The cryptocurrency briefly touched above $30,000 after a headline on Reuters, sourced from Benzinga, claimed that the Securities and Exchange Commission (SEC) had given the green light to the ETF application by BlackRock. These assertions, which many believed to be accurate, were later countered by BlackRock's own statements.

Fox Business reporter Eleanor Terrett clarified that BlackRock denied the approval claims, stating that their application remains under review. 

CoinTelegraph, which was one of the first media outlets to break the news, later amended their post by adding the word "reportedly" to their claim, a move that drew criticism and humorous jabs from industry watchers. ETF analyst James Seyffart tweeted, "They edited the tweet to add 'reportedly' hahaha. Guys ... you reportedly reported the report!"

As the dust settles on this misinformation saga, Bitcoin is currently trading slightly above $28,000.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].