Bitcoin Rises and Falls After BlackRock Denies Crypto Approval
Bitcoin experienced a sudden rise in value on Monday, only to give up most of its gains after asset manager BlackRock denied reports of U.S. regulators approving its crypto investment product. The cryptocurrency was trading at $28,000, up 3%, before reaching a high of $29,900, its highest level since August.
BlackRock’s Application Still Under Review
Earlier, crypto news outlet Coin Telegraph claimed that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock’s application for a spot bitcoin exchange-traded fund. However, bitcoin took a sharp dive when a Fox Business reporter tweeted that BlackRock had confirmed the report was false and their application was still under review. BlackRock later confirmed to Reuters that their iShares Bitcoin ETP application was indeed still under SEC review.
Crypto Market Anticipation
The crypto market has been eagerly awaiting news on BlackRock’s application as it is expected to drive more investment into the sector. Joseph Edwards, head of research at Enigma Securities in London, commented on the market’s obsession with spot ETFs, stating that it has been the primary catalyst for Bitcoin’s movement in recent months.
Hot Take: Bitcoin’s Rollercoaster Ride Continues Amid Regulatory Speculation
The rollercoaster ride for Bitcoin continues as regulatory speculation affects its value. The recent rise and fall of Bitcoin was triggered by conflicting reports regarding BlackRock’s approval for a crypto investment product. While the initial report fueled optimism and caused a surge in Bitcoin’s price, the denial from BlackRock led to a sharp decline. This incident highlights how sensitive the cryptocurrency market is to regulatory news and how influential major players like BlackRock can be. Investors should remain cautious and stay updated on regulatory developments to navigate the volatile crypto market effectively.
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