Fake Rumors about Bitcoin ETF in the USA and Their Impact on the Cryptocurrency Market
Date: 2023-10-27 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Fake Rumors and Their Consequences
In recent days, the cryptocurrency community was shaken by the news of a possible approval of the first-ever Bitcoin ETF in the history of the United States within just 24 hours. Reports about this emerged on the social network X (formerly known as "Twitter") and quickly became a hot topic for discussions among investors and cryptocurrency enthusiasts. The source of this sensation was a popular YouTube blogger known by the handle @MartiniGuyYT, who posted a message with the headline "Breaking News! According to reports, a Bitcoin ETF will be approved within 24 hours."
This message quickly gained popularity, thanks to the massive number of subscribers to @MartiniGuyYT, and it caused some panic among crypto investors. However, should such rumors be believed?
The History of the Fake News
It's important to note that this is not the first time that news about a Bitcoin ETF has caused turbulence in the market. In October 2023, the microblog of the well-known publication Cointelegraph published a tweet claiming that the U.S. Securities and Exchange Commission (SEC) had approved the first-ever U.S. spot Bitcoin ETF. This news triggered a rapid market surge and jubilation among investors.
However, a few hours later, Cointelegraph was forced to amend its tweet, replacing the statement of "approval" with the phrase "according to reports." This meant that the information about the Bitcoin ETF was based on rumors, not an official decision by the SEC. The market quickly reacted to this correction and returned to its previous positions.
Investment Expectations and Bitcoin ETF
So, why is a Bitcoin ETF so important for the cryptocurrency market? The answer is simple: investors anticipate that the approval of such an instrument in the United States will lead to a significant rise in the price of Bitcoin and the entire cryptocurrency industry. Analysts from Galaxy Digital suggest that permission to launch a Bitcoin ETF in America could potentially drive a 74% increase in the price of Bitcoin over the course of a year. The largest investor among publicly traded companies, Microstrategy, sees the potential for the ETF to absorb trillions of dollars.
Conclusion and Lessons
The news of fake rumors about the approval of a Bitcoin ETF in the United States serves as a reminder of the importance of reliable sources of information in the world of cryptocurrencies. Despite the desire for news and the expectations of investors, the market reacts to such rumors with volatility, which can harm independent investors.
The U.S. Securities and Exchange Commission (SEC) remains the sole official source of information on the Bitcoin ETF. As of now, there are no confirmed details about the approval of this instrument. This serves as a reminder that it's important to remain vigilant and critically assess information before making financial decisions in the world of cryptocurrencies.
