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BTC/USD: Bitcoin volatile on false SEC approval of ETF

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  • CoinGlass reported that $72 million worth of short positions were liquidated on the spike higher from the false SEC approval news
  • US Government holds around 200,000 bitcoins, worth over $5 billion
  • SEC refrains from asking court to change decision on Grayscale bitcoin ETF

Bitcoin’s surge above $30,000 quickly disappeared after Blackrock refuted earlier reports that the SEC approved their spot Bitcoin ETF.  Cointelegraph earlier tweeted a Bitcoin ETF was approved and has since issued an apology and announced an internal investigation.  Blackrock was quick to correct the misinformation on CNBC.

Bitcoin is still higher by 4.5% on the day as optimism remains that Bitcoin is still getting close to that elusive SEC spot Bitcoin approval. Bitcoin has been trapped in a frustrating range since the spring.  Crypto adoption has struggled and competition from Central Bank Digital Currencies are growing.

 

 

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.
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