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Bitcoin gives up gains after BlackRock denies ETF approval report
Bitcoin logo, representation of cryptocurrencies and rising stock graph are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations/File Photo
LONDON/WASHINGTON, Oct 16 (Reuters) - 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 for a crypto investmrnt 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.
BlackRock later confirmed to Re iiuters 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.
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