On October 16, the biggest “own event” in the crypto market in recent years occurred. At about 21:20 pm on the 16th, Beijing time, according to financial services company Cointelegraph, the U.S. Securities and Exchange Commission approved BlackRock’s iShares Bitcoin Spot ETF.

Once this news was announced, it caused a violent reaction in the market. BTC soared by more than 10% in just ten minutes, with a cumulative increase of 13.5% throughout the day, reaching a maximum of US$30,535 per coin; ETH also performed similarly, with a maximum increase of 6% in 24 hours, to US$1,644 per coin. Within the next 20 minutes, FOX business reporter Eleanor Terrett finally confirmed to BlackRock that the news that the ISHARES spot Bitcoin ETF application had been approved was untrue, and its application is still under review by regulatory agencies.

At present, Cointelegraph, the party involved in the incident, has deleted the relevant tweets and has launched an internal investigation, saying that it will share the investigation results with the public within the next three hours. It is worth noting that as of now, agencies such as the SEC, the official regulator of the encryption market, have not responded to the market turmoil caused by the news. According to the news that has emerged, during this period, several giant whales suffered losses due to "emergency accumulation". It is still unknown who will bear the losses and whether Cointelegraph will be held legally responsible. #bitcoin #bitcoinetf