Will Bitcoin's Price Continue to Tumble Following the False Spot ETF Approval News

Adekunle Joshua

Bitcoin experienced a sudden price surge on Tuesday, driven by a false report claiming the SEC had given approval to BlackRock's Bitcoin ETF proposal

This erroneous information resulted in $156.3 million worth of liquidations, with bearish investors losing $100 million and bullish ones losing $56 million

Despite the debunking of the false news, Bitcoin's trading volume has surged by 100%, indicating a heightened level of anticipation among market participants for the potential approval of a Bitcoin ETF

Notably, Edward Snowden has issued a cautionary note, expressing concerns that the approval of a spot ETF could introduce further regulatory challenges for the cryptocurrency space and potentially jeopardize Bitcoin's decentralization

Following the refutation of the false report, Bitcoin's price has declined, and there is a possibility of a significant price drop if it falls below the $28,359 threshold.