Bitcoin gives up gains after BlackRock denies ETF approval report
$Bitcoin(BTC.CC$ rose suddenly on Monday, before giving up nearly all its gains, after asset manager $Blackrock(BLK.US$ denied a crypto media report that U.S. regulators had approved its high-profile application for a crypto investment product.
Bitcoin, known for its volatility, was last trading up 3.82% at $28,211, after earlier rising as much as 10% to $29,900, its highest since August.
Crypto news outlet Coin Telegraph had earlier reported that the U.S. Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story.
Bitcoin, known for its volatility, was last trading up 3.82% at $28,211, after earlier rising as much as 10% to $29,900, its highest since August.
Crypto news outlet Coin Telegraph had earlier reported that the U.S. Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story.
But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report.
BlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." Sources close to the SEC also confirmed that the application is still pending.
"Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro.
"Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro.
Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation.
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FiReBiTriXiE : Like the SEC protects us from market price manipulation? Fukumeanfckouttahere SEC! Y’all the biggest price manipulators in this
I spit my coffee out reading this laughing SEC is a mafia aimed at power for money and political gain just stating my opinion. Just trying to get their hands on a peice some how but can’t a decentralized asset! Hate the SEC! More like SEG for segregation bishes! Keeping the poor and rich gap seperate by any means necessary like halts to name one way! 