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

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.