The price of bitcoin on Monday rallied following a false report on social media that the Securities and Exchange Commission approved an application for a spot bitcoin exchange-traded fund.
prices briefly touched $29,900, a more than 10% increase, before giving up most of those gains, according to FactSet. Bitcoin prices remain up more than 4% on the day.
That followed a now-deleted post on the social platform X by the crypto news service Cointelegraph which stated that the SEC had approved an application by BlackRock’s
iShares for a spot bitcoin ETF.
“We apologize for a tweet that led to the dissemination of innacurate information regarding the Blackrock Bitcoin ETF,” Cointelegraph said in a statement on social media.
“An internal investigation is currently underway,” it added. “We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.”
A Blackrock spokesperson told MarketWatch that the iShares Bitcoin ETF is “still under review by the SEC.”
The SEC didn’t immediately respond to a request for comment.