The BlackRock chief Larry Fink was confident that the asset management company would secure approval for the Bitcoin Spot ETF. The executive downplayed the Bitcoin pump following fake news that the Securities and Exchange Commission (SEC) approved its bid for the exchange-traded fund (ETF).
BlackRock’s CEO Positive of ETF Approval
Fink illustrated that the surge in the leading Bitcoin price pump did not affirm the SEC’s argument that the ETF is vulnerable to price manipulation. Instead, the development places BlackRock’s application for Bitcoin spot ETF in a better position following the Monday, October 16 events.
The BlackRock chief weighed on the controversy witnessed on Monday when false reports of the iShares Bitcoin Trust ETF secured approval from the Gary Gensler-led SEC. The hoax garnered steam as the excitement frenzy rapidly spread via social media posts, sending Bitcoin’s price to rally by 10% per CoinGecko data.
Fink labeled the Bitcoin price rally as illustrating the pent-up interest in digital assets. The executive’s appearance on Fox Business linked Monday’s rally to the crypto’s flight to quality.
Fink described the day’s events in a remarkably positive account triggered by a publication by the crypto news platform Cointelegraph post that BlackRock’s long-sought Bitcoin ETF application secured approval. Interestingly, the Cointelegraph publication failed to cite the source for the ETF approval claim.
BlackRock and SEC Denounce the ETF Approval Rumor
BlackRock and the SEC debunked the rumor, forcing Cointelegraph to retract the post. The publication had already fueled the bullish steam for the Bitcoin price to soar closer to $30000 since July.
Cointelegraph would delete the post, plunging the leading global crypto exchange to $29400. A quarter an hour following the rumors’ confirmation, they sent the price down to trade below $28000. Coincidentally, Bitcoin would spring back above $28500, riding on the news of the court dismissing the SEC’s case against Ripple Labs executives.
Fink regretted the busy schedule during the situation hours on Monday. The events only reincarnated the global desire for the Bitcoin spot ETF amid today’s international turmoil.
Price Pump Over Fake ETF News Convincing SEC to Nuke Applications
The Bitcoin price pump caught the attention of many who dismissed BlackRock’s optimism in ETF approval. Most Bitcoin advocates regretted that Monday’s blunder by the Cointelegraph is sufficient evidence by SEC’s Gary Gensler to illustrate Bitcoin’s market volatility. They argued that it affirms Bitcoin’s ease of manipulation.
The incident, they said, could dash any hopes of a Bitcoin spot ETF being approved in the United States in the near- to medium-term. Crypto enthusiasts with @fillippone1 X (previously Twitter) profile cursed the development likely to feature in Gensler’s defense, citing the blatant price manipulation as grounds to delay ETF approval.
The chief executive of Miranda Mining lamented that Bitcoin’s price surge following the fake ETF approval news gave the SEC’s chair reasons to restate the price manipulation argument to delay ETF approval. Twitter user @realDannyNelson warned that Monday’s events would likely convince Gensler to nuke all ETF applications alleging market manipulation.
The Securities watchdog kept the approval cards closer to its chest on the fate of BlackRock’s bid for Bitcoin ETF. The regulator, however, alluded to Monday’s events with a tweet urging the consumers of crypto news to exercise caution on the online publications. The tweet affirmed that the SEC is the best source involving the financial regulator.
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