Bitcoin prices jumped 17 percent the April Fool’s Day. Investors got puzzled over the reasons behind the sudden rise. A piece of fake news played a role in upping the surge.
The price sprinted to $4,800 one time on the first day of the second quarter, well above the psychological resistance line of $4,200.
The economic news Finance Magnates reported that the Securities Exchange Commission permitted Bitwise and VanEck to issue the exchange-traded fund (ETFs).
The ETF is marketable security that tracks a stock index, a commodity, a bond, or a basket of assets. The ETF differs from mutual funds because shares like common stocks are traded on the exchange.
It also reported that Bitcoin went to as high as 6,000, with the market capitalization of $13.8 billion. However, it disclaimed the report by saying that it is April Fool’s Day.
Despite its disclaimer, the fake news spread fast. The SEC would decide whether to permit the issuance of ETFs in May.
For whatever reasons, the Bitcoin price was being traded $4,600.
