Several reports surfaced on Monday stating that the United States Securities and Exchange Commission has finally approved a spot Bitcoin ETF.
While uncertainty surrounding the news continued, BTC price responded with an immediate increase to around $30,000.
While the SEC has approved several futures-based BTC ETFs, the securities authority has delayed and rejected every spot ETF application for nearly a decade.
Hopes rose earlier this year after the world's largest asset manager - BlackRock presented such a project.
However, the SEC delayed making a final decision on BlackRock's application, as well as several other sectors. On Monday, October 16, news has spread from several sources that the Commission has finally approved such a product for the people of the United States.
The price of the cryptocurrency BTC has responded with an immediate increase. It has risen to $28,000, as previously reported, which was then driven by sentiment around the approval. As a result, bitcoin surged to its highest price level in more than two months, nearly hitting $30,000. However, BTC is back around $28K as this news is yet to be confirmed.
Recently several media outlets have given their views on this matter, denying the speculation. BlackRock was among the first to do so, and a company spokesperson reportedly said that the proposed iShares BTC spot ETF is still under review.
This somewhat catalyzed the price of the cryptocurrency BTC from falling further and returning to around $28,000.
