Despite numerous attempts, Crypto X continues to miss the mark when it comes to accurately predicting the introduction of a Bitcoin ETF, leaving investors both frustrated and eager for a more reliable source of information in the crypto market.
Following last week’s misleading tweet by Cointelegraph about the approval of a ‘Bitcoin spot exchange-traded fund (ETF)’, Crypto X is once again in the spotlight for the wrong reasons. This time, media outlets and online influencers are buzzing with the news that the fund was listed at the Depository Trust & Clearing Corporation (DTCC).
For those who are unfamiliar, the DTCC is the main platform for clearance and settlement of securities and equities in the US. However, it is important to note that the DTCC has no involvement in the listing process for ETFs or any other financial instruments. Therefore, the excitement surrounding this listing was baseless.
In addition to this, CoinDesk reported that the BlockRock Bitcoin spot ETF has been listed on the DTCC website for several months now. This means that the celebration was not only for a non-existent development but also for something that has been available for quite some time.
Despite these facts, the market has reacted to the enthusiasm and hype created by these misleading reports. Bitcoin experienced a 5% surge when Cointelegraph falsely reported the approval of a Bitcoin spot ETF, and yesterday it rose by approximately 10%.
It remains unclear whether these premature conclusions and fake news will have any impact on the SEC and government regulators, or if the excitement will fizzle out before the ETF is actually approved. Nevertheless, it has been an exciting ride so far.
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