Bitcoin surrenders gains following BlackRock’s rejection of ETF approval report
**BlackRock Denies Approval of Crypto Investment Product, Bitcoin Volatility Ensues**
*Bitcoin’s Sudden Rise and Fall*
Bitcoin experienced a sudden surge on Monday before quickly giving up most of its gains, following reports from the crypto media regarding an application for a crypto investment product by asset manager BlackRock.
*The Rise and Fall of Bitcoin*
Initially, Bitcoin saw a rise of 10% to $29,900, its highest since August, before ultimately trading up 3.82% at $28,211. The volatility of Bitcoin is well-known and this sudden increase and then subsequent drop is a clear example of this.
*BlackRock Denies Approval*
The initial reports suggested that the US Securities and Exchange Commission had approved an application by BlackRock for a spot bitcoin exchange-traded fund. However, this was quickly retracted, and BlackRock denied the report.
*BlackRock’s Confirmation*
BlackRock 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, contradicting the initial reports.
*Crypto Markets and Sensitivity to Potential Good News*
The crypto markets displayed a sensitive reaction to the initial reports, with Ben Laidler, global markets strategist at eToro, highlighting the sensitivity to any potential good news that could potentially impact the markets.
*Coin Telegraph’s Apology and Internal Investigation*
Coin Telegraph, in response to the inaccurate information, issued an apology for the dissemination of false news and announced that an internal investigation was underway to ensure transparency.
*Awaiting News on Pending Spot Bitcoin ETF Applications*
The crypto markets have been eagerly waiting for news on several pending spot bitcoin ETF applications, which are expected to drive investment in the sector. The pending decisions from the SEC have been a major point of interest for crypto investors.
*Impact on Bitcoin Market*
Joseph Edwards, head of research at London crypto firm Enigma Securities, commented on how the bitcoin market is obsessed with the potential spot ETFs, while Lucas Kiely, chief investment officer at Yield App, highlighted the volatility ahead of the upcoming SEC announcement.
*Recent Court Ruling and its Impact on Bitcoin ETF*
The SEC’s decision not to appeal a recent court ruling has also had an impact on the market and has raised expectations for the cryptocurrency industry. The District of Columbia Court of Appeals is expected to issue a mandate within a week, specifying how its decision should be executed.
In conclusion, the news of BlackRock’s application for a crypto investment product and the subsequent denial has led to significant volatility in the crypto markets. Investors are eagerly awaiting news on the pending spot bitcoin ETF applications, and the recent court ruling has further heightened expectations in the cryptocurrency industry.
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