Bitcoin (BTC) price moving towards $5,000 may have been enhanced by the April Fools’ Day fake news that “SEC Drops the Bomb: Approves Bitcoin ETFs, Markets Skyrocket”. The news which has been in circulation since Yesterday created euphoria among crypto lovers.
Published by Finance Magnates on April 1, the April Fool’s Day news was translated into many languages for cryptocurrency enthusiasts across the world to read and rejoice.
Those who fell for the fake news did not read that the magazine place “Happy April Fool’s Day,” as the last message in the article, pointing to the fact that it is nothing but a clear joke.
Not long after the publication, BTC chart started showing positive signal towards $5,000 with the entire cryptocurrency market pulling over $13 billion addition within 24hrs. The price improvement first started above $4,200, and then moved to $4,800. On Bitfnex, for example, BTC surpassed the $5,100 threshold.
SEC Bitcoin ETFs’ Approval
SEC has not approved BTC ETFs. The regulator said Friday, March 29, it delayed its decision on BTC ETF proposal that was filed by Bitwise Asset Management around January.
However, SEC has hired a cryptocurrency advisor and it is still reviewing the proposed VanEck and SolidX’s ETF.
Meanwhile, as at the time of writing, Bitcoin is now trading at $4,625 USDT on Binance, and on Bitfinex, $4,758.
Analyst Says Bitcoin Price Boost Technical
A cryptocurrency analyst by the name Joseph Young, has said the Bitcoin Price boost may just be technical.
The crypto expert believes in the usual statement of his co-analyst that Bitcoin needs to touch $4,200 line to begin a bullish run.
He said: “It seems as if today’s massive Bitcoin rally is simply technical and as soon as it broke $4,200, it just went surging up. An $80 million sell wall (as reported by @Bleeding_Crypto) was absorbed at $4,200. Curious to see where this leads the crypto market.”
It seems as if today's massive bitcoin rally is simply technical and as soon as it broke $4,200, it just went surging up.
An $80 million sell wall (as reported by @Bleeding_Crypto) was absorbed at $4,200. Curious to see where this leads the crypto market.
— Joseph Young (@iamjosephyoung) April 2, 2019