Bitcoin experienced a rapid price increase from under $28,000 to $30,000 in a matter of minutes due to unverified rumors circulating on social media about the approval of BlackRock's iShares spot Bitcoin Exchange Traded Fund (ETF) application by the US Securities and Exchange Commission (SEC). However, the credibility of these rumors was questioned, and as market participants realized their lack of substantiation, the Bitcoin price quickly dropped back to $28,000. This price swing of 7.5% highlights the cryptocurrency's sensitivity to spot ETF applications. Numerous financial institutions, including BlackRock, Vanguard, and Fidelity, have applied to create their own spot Bitcoin ETFs. The recent decision by the SEC not to appeal a legal loss against Grayscale has raised hopes that the agency may be preparing for spot Bitcoin ETF approvals. Although the SEC has rejected many spot Bitcoin ETF applications in the past, the presence of surveillance sharing agreements and the influence of firms like BlackRock suggest that approval is likely in the coming quarters. The SEC has upcoming deadlines in October for these applications, with final deadlines in March 2024.
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