Crypto Price Today: Bitcoin Price Surges After Spread of False ETF Approval News, Most Altcoins See Gains

In the last 24 hours, the value of BTC rose by $971 (roughly Rs. 80,817).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 17 October 2023 12:06 IST

Crypto Price Today: Bitcoin Price Surges After Spread of False ETF Approval News, Most Altcoins See Gains

Photo Credit: Pixabay/ WorldSpectrum

The crypto market cap stands at $1.09 trillion as of October 17

Highlights

Binance Coin, Ripple recorded gains
Dogecoin saw gains, Shiba Inu saw losses
Uniswap, Binance USD recorded dips

Bitcoin on Tuesday, October 17 recorded profits of 3.42 percent, making for the highest single-day spike it has recorded in the last two weeks. With this, the price of BTC has reached $28,175 (roughly Rs. 23.4 lakh). In the last 24 hours, the value of BTC rose by $971 (roughly Rs. 80,817). This happened after crypto news publication CoinTelegraph falsely claimed that a spot BTC ETF was approved. Asset management firm BlackRock along with other entities of the crypto community soon debunked this information, leading CoinTelegraph to issue an official apology.

Ether reflected a gain of 1.56 percent in the last 24 hours. ETH is currently trading at $1,588 (roughly Rs. 1.32 lakh). This marks a price hike of $26 (roughly Rs. 2,164) for ETH in the last 24 hours.

“Bitcoin's price spiked toward $30,000 (roughly Rs. 25.8 lakh) due to a misleading post on X (formerly Twitter) by the crypto news site Cointelegraph, falsely claiming a spot Bitcoin ETF approval. This led to $100 million (roughly Rs. 832 crore) in liquidations. BlackRock and other sources promptly debunked the claim, and Cointelegraph later issued an apology for spreading inaccurate information. Subsequently, Bitcoin returned to $28,000 (roughly Rs. 24.4 lakh) and currently holds slightly above that level,” the CoinDCX research team told Gadgets360.

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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

Other cryptocurrencies that recorded profits today include Binance Coin, Ripple, Solana, Cardano, Dogecoin, Polygon, Tron, and Litecoin.

Bitcoin Cash, Monero, and Neo Coin are also trading in greens.

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The overall market rose by 0.85 percent in the last 24 hours to now stand on the valuation of $1.09 trillion (roughly Rs. 90,69,617 crore) showed CoinMarketCap.

“BlackRock's iShares ETF filing initiated a wave of similar submissions by other asset managers like WisdomTree, Invesco, and Fidelity, promising potential investment inflow. While some analysts anticipate a spot Bitcoin ETF by year-end, the SEC has made no official statements. Zcash (ZEC) and UMA (UMA) have been the top gainers on WazirX in the last 24 hours,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

The cryptocurrencies that saw losses today include Tether, USD Coin, Polkadot, Shiba Inu, Chainlink, Leo, Avalanche, and Stellar.

Other altcoins trading in the reds include Cosmos, Near Protocol, and Elrond.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More