SEC Issues Strict Warning to Crypto Investors

SEC Issues Strict Warning to Crypto Investors

SECBitcoin

By Miles

17 Oct 2023 (9 months ago)

2 min read

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Fake news shakes Bitcoin's price; SEC warns investors, while hope for real ETF approval remains high.

After fake news spread about a Bitcoin ETF approval, the U.S. Securities and Exchange Commission (SEC) warned people: "Careful what you read on the internet. The best source of information about the SEC is the SEC." This wrong news made many traders act fast and this greatly changed Bitcoin's price.

Cointelegraph, a crypto news site, first shared this wrong news. When people believed it, Bitcoin's price went up fast. But soon, BlackRock said the news was not true: their Bitcoin ETF is still waiting for approval. Cointelegraph changed their story later, but many readers were not happy. Because of this mistake, traders lost about $182.5 million in one day.

This big mistake made Bitcoin's price go up and then drop 8%. Some people think such mistakes might make the SEC say no to future Bitcoin ETF requests. But others are hopeful. Experts from Bloomberg think there's a good chance (90%) that a Bitcoin ETF will be approved by January 10, 2024.

BlackRock CEO, Larry Fink, talked about the mistake. He said it shows how much people are interested in cryptocurrencies. Fink believes that in the future, more people will see crypto as a safe way to keep their money, especially when times are tough.

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