BTC Skyrockets to $30K on Reports About Approved Spot Bitcoin ETF by the SEC

A few reports emerged on Monday claiming that the US Securities and Exchange Commission has finally greenlighted a spot Bitcoin ETF.

Despite the still ongoing uncertainty about the news, BTC’s price reacted with an immediate surge to roughly $30K.

• Although the SEC has approved several futures-based BTC ETFs, the securities watchdog has delayed and rejected every spot ETF application for about a decade now.
• Hopes were raised earlier this year after the world’s largest asset manager – BlackRock – filed to launch such a project.
• Nevertheless, the SEC delayed making a final decision on BlackRock’s application, as well as several others that quickly followed the wealth management behemoth.
• On Monday, October 16, news broke from a few sources that the Commission has finally approved such a product to reach US citizens.
• The price of the underlying cryptocurrency reacted with an immediate surge. It had already pumped to $28,000, as reported earlier today, but the hype around the possible approval took it north by about two grand.
• As a result, bitcoin shot up to its highest price tag in over two months of just under $30,000. However, BTC has already retraced by around $1,500, as the news is yet to be confirmed.

This is a developing story. Please check back for updates.

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