Blackrock CEO Addresses Rumors of Bitcoin Spot ETF Approval
There was a recent rumor circulating on social media that the United States Securities and Exchange Commission (SEC) had approved Blackrock’s application for a Bitcoin Spot ETF. However, this rumor turned out to be false and was later retracted by CoinTelegraph, the news outlet that originally posted it. Despite the false report, the crypto community got excited, causing the price of Bitcoin to surge to almost $30,000.
Blackrock’s CEO, Larry Fink, quickly clarified that the news was inaccurate. He stated in an interview that the incident highlighted the global demand for a Bitcoin spot ETF. Fink believes that cryptocurrencies like Bitcoin can serve as a safe haven investment during times of global uncertainty.
SEC Confirms Application is Still Pending
The SEC also confirmed that Blackrock’s application for a Bitcoin Spot ETF is still under review and has not been approved. They warned people to be cautious about believing everything they read on the internet and encouraged them to rely on official sources for accurate information.
CoinTelegraph apologized for their false report and revealed that it was due to a team member posting without proper approval from their editorial team. The incident had significant consequences, as over $104 million worth of short trading positions were liquidated within 24 hours based on the false news.
Hot Take: False Rumors Cause Volatility in Bitcoin Price
The recent rumors surrounding the approval of Blackrock’s Bitcoin Spot ETF application demonstrate how sensitive the cryptocurrency market is to news and speculation. False reports can lead to significant price fluctuations, impacting both investors and traders. It highlights the importance of verifying information from reliable sources before making any investment decisions. While there is still no official approval for a Bitcoin Spot ETF, the demand for such a product remains high, indicating the continued interest in cryptocurrencies as an investment asset.
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