Bitcoin Is Spiking - Bitcoin ETF In Focus Again
Portfolio Pulse from Mohit Manghnani
Bitcoin spiked on unverified reports of the approval of an iShares Bitcoin ETF, which BlackRock, the owner of iShares, has denied. The company's Bitcoin ETF application is still under review. Bitcoin had spiked by as much as 9.5% after the report but gave back gains. It is up 3.3% at $28,062 at the time of publication.
October 16, 2023 | 2:08 pm
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NEUTRAL IMPACT
BlackRock's Bitcoin ETF application is still under review, causing a temporary spike in Bitcoin prices.
The news of BlackRock's Bitcoin ETF application caused a temporary spike in Bitcoin prices. However, as the company denied the approval of the ETF, the impact on BlackRock's stock is neutral in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100