Bitcoin gives up gains after BlackRock denies ETF approval report
Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock 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.
But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report.
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View Details» 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.
In a post on X, Coin Telegraph apologized for its earlier post, which it said «led to the dissemination of inaccurate information.»
«An internal investigation is currently underway. We are committed to transparency and will share the findings of the
