Saturday, July 20, 2024

On an active Monday, the news outlet focusing on cryptocurrencies, Cointelegraph, announced that Blackrock’s Ishares spot bitcoin exchange-traded fund (ETF) had received approval from the U.S. Securities and Exchange Commission (SEC). This uncorroborated news spread rapidly, causing Bitcoin’s value to surge more than 10% against the U.S. dollar, even though there was no official confirmation from either the SEC or Blackrock.

Baseless Blackrock ETF Report Causes Bitcoin to Spike; Cointelegraph Receives Criticism

In the volatile domain of cryptocurrencies, a spurious piece of news triggered a substantial market rally. The incorrect report purported that the SEC had approved Blackrock’s spot Bitcoin ETF, resulting in the cryptocurrency’s price climbing from $27,700 to a robust $29,900, following the widespread distribution of Cointelegraph’s post on platform X.

However, the news proved to be entirely groundless. Eleanor Terrett, a reporter for Fox News, disclosed that Blackrock had refuted the news as “false,” indicating that the ETF application was still undergoing review.

Blackrock further confirmed the inaccuracy of the information to The Block, emphasizing that the application was still awaiting SEC approval. Bloomberg ETF analyst James Seyffart labeled Cointelegraph’s social media post as “fake news,” citing his inability to locate any corroborating evidence.

In reaction to the uproar, Cointelegraph has since deleted the post on platform X, modified a post on Telegram, and added the term “reportedly” to the narrative. That particular Telegram post has also been retracted.

Aftermath of the False Report

Post revelation of the false news, Bitcoin’s price soared close to $30,000 but retreated once the factual information emerged, currently trading below $28,000 per coin. This raises the critical question of how a genuine approval will influence the markets in the future.

Cointelegraph Apologizes for Dissemination of Erroneous Information

Subsequent to discovering that the news was fabricated, Cointelegraph issued a public apology. “We regret the tweet that led to the spread of incorrect information concerning the Blackrock Bitcoin ETF,” stated the media outlet. “An internal inquiry is presently ongoing. We pledge to maintain transparency and will disclose the results of the investigation to the public once it concludes within the next three hours,” the company further added.

We invite you to share your perspectives and views on this incident concerning the fake ETF news that transpired on Monday in the comments section that follows.

Frequently Asked Questions (FAQs) about Cryptocurrency Misinformation

What was the false news that Cointelegraph reported?

Cointelegraph reported that the U.S. Securities and Exchange Commission (SEC) had approved Blackrock’s Ishares spot Bitcoin exchange-traded fund (ETF), which was not accurate.

How did the cryptocurrency market react to this news?

Following the unverified news, the value of Bitcoin surged over 10% against the U.S. dollar.

What was the actual status of Blackrock’s ETF application?

Blackrock confirmed that the news was false and clarified that their ETF application was still under review by the SEC.

How did Bitcoin’s price behave after the truth came to light?

Bitcoin’s price initially soared close to $30,000 but later dropped below $28,000 per coin once the misinformation was corrected.

What actions did Cointelegraph take in response to the false news?

Cointelegraph deleted the social media post on platform X, modified a post on Telegram, and added the term “reportedly” to the narrative.

Did Cointelegraph issue an apology for spreading the incorrect information?

Yes, Cointelegraph issued a public apology and mentioned that an internal investigation was underway. They pledged to share the investigation’s findings with the public.

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