---
title: "BTC Skyrockets to $30K on Reports About Approved Spot Bitcoin ETF by the SEC"
url: https://diffcoin.com/btc-skyrockets-to-30k-on-reports-about-approved-spot-bitcoin-etf-by-the-sec/
description: "the primary cryptocurrency charted a two-month peak at almost $30K."
published: 2023-10-16
updated: 2023-10-16
author: "Mila"
site: "Diffcoin"
---

# 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](https://twitter.com/APompliano/status/1713911649717854229) from a few [sources](https://twitter.com/Cointelegraph/status/1713908025520538079?s=20) 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.

![BTCUSD 3 min. Source: TradingView](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxODM1IDkwMSIgd2lkdGg9IjE4MzUiIGhlaWdodD0iOTAxIiBkYXRhLXU9Imh0dHBzJTNBJTJGJTJGY3J5cHRvcG90YXRvLmNvbSUyRndwLWNvbnRlbnQlMkZ1cGxvYWRzJTJGMjAyMyUyRjEwJTJGQlRDVVNELTE2LnBuZyIgZGF0YS13PSIxODM1IiBkYXRhLWg9IjkwMSIgZGF0YS1iaXA9IiI+PC9zdmc+)

BTCUSD 3 min. Source: TradingView

- Update: Shortly after the news broke, several outlets weighed in on the matter, [declining](https://twitter.com/EleanorTerrett/status/1713913109272809602) the rumors. BlackRock was among the first to do so, and company spokespeople even reportedly said that the iShares spot BTC ETF proposal is still under review.
- Somewhat expectedly, the cryptocurrency’s price fell further and dropped back down to around $28,000.

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

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