Cryptocurrency media firm Cointelegraph has apologized to the crypto community for publishing a false report about BlackRock’s spot Bitcoin ETF approval on X.
According to Cointelegraph, it obtained the false approval scoop for the iShares Bitcoin ETF application without verifying the source. The firm said it is reviewing its standards for posting breaking news content on social media moving forward.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…
— Cointelegraph (@Cointelegraph) October 16, 2023
Reactions to the Bitcoin ETF Report
The news sent the market on a short-lived rally before Fox Business Journalist Eleanor Terrett got confirmation from BlackRock that its Bitcoin ETF application is still under review. Cointelegraph launched an internal investigation and shared its findings hours later to explain what happened.
While crypto community members are trying to move past the ordeal, subsequent comments from Cointelegraph’s Editor-in-Chief, Kristina Lucrezia Cornèr, fueled a new round of criticism.
Speaking at an event in Dubai, Kristina claimed that though the mistake was “disastrous,” she noted that this happens when the firm is under constant pressure to be the first with every news. According to her, the problem is not journalism but society and technology.
Her position is that on social media if you’re not the first, you’re the last. This statement has drawn criticism as comments from X users center on the need to be more factual and truthful rather than competing to be the first.
Data from Coinglass confirms that the BTC market saw up to $136 million in short liquidations. The market reaction to this development highlights how much enthusiasm will trail any potential future approval of a spot Bitcoin ETF.
SEC Issues Crucial Warning
Following the Cointelegraph event, the SEC sent a note of caution to the industry. The markets regulator said information about the commission comes only from its official communication channels.
Careful what you read on the internet. The best source of information about the SEC is the SEC.
— U.S. Securities and Exchange Commission (@SECGov) October 16, 2023
Currently, the SEC is reviewing several Bitcoin spot ETF applications, with feedback expected in the coming weeks/months. Besides BlackRock, WisdomTree, Invesco, Valkyrie, and Bitwise are other firms anticipating feedback on their Bitcoin spot ETF applications.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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