A false report on Monday disrupted the market, and Bitcoin surged 10% to nearly $30,000 late at night. After BlackRock refuted the rumor, it has now given back most of the gains.

On Monday, a false report that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's first spot Bitcoin ETF caused the price of Bitcoin to surge 10%.

In a now-deleted tweet, cryptocurrency-focused news outlet CoinTelegraph reported “Breaking: SEC Approves iShares Bitcoin Spot ETF.”

The owner and operator of iShares ETFs is BlackRock.

Bitcoin’s price immediately surged 10% to a high of $29,900, but quickly gave up those gains after a BlackRock spokesperson said its spot bitcoin ETF application was still under review by the U.S. SEC.

CoinTelegraph later stated, “We apologize for the tweets that led to the spread of inaccurate information about the BlackRock Bitcoin ETF. An internal investigation is currently underway.”

Bitcoin's gains narrowed to about 3% and is currently hovering just above $28,000.

Bitcoin's volatility surged on Monday, highlighting investors' continued hope that the U.S. Securities and Exchange Commission will approve a bitcoin spot ETF.

While the agency has approved a bitcoin futures ETF, it has repeatedly rejected and delayed applications for a bitcoin spot ETF over the past few years, though investors have renewed hope after large asset management companies such as BlackRock and Fidelity launched their own bitcoin ETF applications.

Hopes for a spot Bitcoin ETF also grew after Grayscale Investments won a court appeal, which said the SEC was wrong to deny Grayscale’s application to convert its Bitcoin Trust into a spot Bitcoin ETF.

A recent report from CoinMarketCap said the SEC would not appeal the decision, giving investors, including Ark Invest’s Cathie Wood, some hope that a spot Bitcoin ETF could be on the horizon.

“I do think the SEC is moving forward… We think some of the research that’s filtering down to the (regulatory) commissioner may be building toward approval of a bitcoin ETF. We think the SEC is not going to approve just one (ETF), we think it’s going to approve a subset of them,” Wood said in a recent interview.

There are currently more than 10 spot Bitcoin ETF applications under review by the US SEC.