Again, I am not that sympathetic to the SEC’s objections to a spot Bitcoin ETF. But this story makes me a little more sympathetic? The price of Bitcoin jumped by 10% because people on social media were saying, falsely, that BlackRock’s spot Bitcoin ETF was approved. Seems like the sort of thing that could be manipulated!
Obviously the Chicago Mercantile Exchange front-month Bitcoin futures also briefly jumped above $30,000 today. If you want to move the price of Bitcoin futures with gossip and hearsay, that is pretty much exactly as easy as moving the price of spot Bitcoin with gossip and hearsay, because they are kind of the same price.
Source: Bitcoin ETF – Bloomberg
