"As soon as the investor remembers to be happy, it seems like it's just false hope."
The price of the cryptocurrency king Bitcoin (BTC) managed to reach $30,000 last night when there were rumors that the Securities and Exchange Commission (SEC) had approved the spot BTC ETF iShares BlackRock.
Unfortunately, the information was completely false as the SEC website did not confirm the approval of the spot BTC ETF while BlackRock told FOX that it was false, thus the price of BTC plunged back below $29,000.
There is no denying that BTC fell back after the rally, but it should be noted that the price had already shown signs before the false rumors appeared after it was able to break the $27,250 resistance zone on Monday yesterday.
BlackRock's iShares unit has submitted paperwork to the SEC in mid-June 2023 for the establishment of a spot BTC ETF, however the United States (US) regulator has often rejected various fund companies' attempts to launch ETFs.
Please be informed that the legal developments and proposals for BTC ETFs especially in the US have excited the entire crypto market, plus the decision by the US Court of Appeals in Washington D.C recently in favor of Grayscale.
As of this writing, BTC price has surged by 4.06% to $28,331 in the last 24 hours with a market cap of $553 billion and is up 2.85% over the last week.
While Ethereum (ETH) which crossed $1,639 has fallen back at $1,595 but still recorded a 2.25% climb in the last 24 hours and Ripple (XRP) gained about 1.70% at $0.49.
