Published on October 21, 2023 19:20 GMT+00:00edited on October 21, 2023 19:24 GMT+00:00

The CoinTelegraph tweet that falsely indicated US regulators approved a spot exchange-traded fund tied to bitcoin shows the extent to which the launch of such a product is driving activity in the market, trading firm QCP noted in a recent update to counterparties. 

The price of Bitcoin experienced a significant surge last week after the crypto media firm posted on X (formerly known as Twitter) that the SEC had approved the spot Bitcoin ETF application from the asset management giant BlackRock.

BlackRock's application, submitted in June, came as a surprise and added to the list of firms aspiring to launch a similar product. The SEC has been reluctant to approve spot ETFs, expressing concerns about market manipulation in the underlying spot exchanges.

Only game in town

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