A quick 10% spike in Bitcoin prices on Monday offered investors a preview of the potential consequences of the US Securities and Exchange Commission’s impending decision regarding the acceptance of exchange-traded funds’ direct token investments.
Erroneous reports claiming that BlackRock Inc. had received clearance to introduce a spot ETF quickly drove the largest digital asset to its highest price since March, $30,002. After the largest money manager in the world stated that its application is still being reviewed, the rise slowed, but Bitcoin was still 4.4% higher for the session.
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Following BlackRock’s announcement that their proposal for an exchange-traded fund that directly invests in cryptocurrencies is still being reviewed, Bitcoin erased an earlier rise of up to 10%.
A representative stated, “The SEC is still reviewing the iShares Spot Bitcoin ETF application.” As of 10:12 a.m. on Monday in New York, bitcoin has increased by around 3% to $28,000 from a short peak of $30,000.
On social media, there was conjecture that BlackRock, having filed an application for a spot-Bitcoin exchange-traded fund (ETF) in June, had been given the all-clear by the US Securities and Exchange Commission to introduce the first product of its kind in the country. That caused the biggest currency to soar, but as the rumour was disproved, Bitcoin swiftly undid most of those gains.
Nevertheless, the story implies that there is still a great deal of anticipation and optimism for a spot-Bitcoin product in the US, even if authorities have already rejected it. They have previously denied an application citing, among other things, market manipulation.
Recommendation. The episode does, however, also serve as a warning that rumour and gossip may quickly affect Bitcoin’s price.
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