Why Dogecoin (DOGE) Is Moving
Portfolio Pulse from Henry Khederian
Dogecoin (CRYPTO: DOGE) traded higher by as much as 3% to the $0.061 level Monday morning before falling amid false rumors of the iShares Bitcoin Spot ETF receiving approval. BlackRock, which owns iShares, denied the rumors. The false information led to a surge in demand for Dogecoin, pushing its price higher. However, Dogecoin is trading nearly flat at the $0.059-level Monday morning.
October 16, 2023 | 3:00 pm
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NEUTRAL IMPACT
BlackRock denied the rumors of the iShares Bitcoin Spot ETF approval. The company's Bitcoin ETF application is still under review.
BlackRock's denial of the rumors about the approval of the iShares Bitcoin Spot ETF shows that the company's ETF application is still under review. This could potentially impact BlackRock's stock price, as the approval of a Bitcoin ETF could be a significant development for the company.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 75
NEUTRAL IMPACT
Dogecoin's price surged due to false rumors of the iShares Bitcoin Spot ETF approval. The price is now nearly flat.
Dogecoin's price initially surged due to false rumors about the approval of a Bitcoin ETF. However, after the rumors were denied, the price returned to nearly flat. This shows that Dogecoin's price is highly sensitive to news and rumors related to Bitcoin and the overall crypto market.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100