Bitcoin Eyes Best Session In Nearly 2 Months: Bulls Regain $28,000 Mark, Surpass 200-Day Average
Portfolio Pulse from Piero Cingari
Bitcoin (CRYPTO: BTC) is set to deliver its strongest daily performance since August, surging by over 5%. The surge was initially triggered by a false report that the SEC had approved a Bitcoin ETF application by BlackRock Inc. (NYSE:BLK), but continued even after the report was retracted. The SEC's failure to appeal its August court loss regarding Grayscale’s application to convert its Bitcoin Trust also boosted Bitcoin's price.
October 16, 2023 | 8:52 pm
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POSITIVE IMPACT
Bitcoin's price surged over 5% due to a false report and the SEC's non-appeal on Grayscale's Bitcoin Trust conversion. This marks Bitcoin's strongest daily performance since August.
The false report and the SEC's non-appeal on Grayscale's Bitcoin Trust conversion have both contributed to Bitcoin's price surge. This suggests a positive short-term impact on Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
BlackRock's false report of SEC approval for a Bitcoin ETF briefly boosted Bitcoin's price. The impact on BlackRock is minimal as the report was retracted.
The false report about BlackRock's Bitcoin ETF approval had a temporary impact on Bitcoin's price, but was quickly retracted. This suggests that the impact on BlackRock's stock is likely to be minimal.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 50