BlackRock CEO Larry Fink Says Bitcoin Rally On ETF Approval Rumors Is 'Flight To Quality' And Shows 'Pent-Up Interest In Crypto'
Portfolio Pulse from Mehab Qureshi
BlackRock Inc's CEO, Larry Fink, responded to a false report that claimed the company's application for an iShares Bitcoin Trust ETF had been approved by the SEC. The hoax led to a 10% increase in Bitcoin's price. Despite the rumor being debunked, Bitcoin's price had surged to nearly $30,000, its highest point since July.
October 17, 2023 | 4:10 am
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POSITIVE IMPACT
Bitcoin's price surged by 10% due to a false report about BlackRock's Bitcoin ETF approval. Despite the rumor being debunked, Bitcoin's price reached nearly $30,000, its highest since July.
The false report directly affected Bitcoin's price, causing a 10% surge. Even after the rumor was debunked, Bitcoin's price remained high, indicating strong market sentiment and demand for the cryptocurrency.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
BlackRock was falsely reported to have its Bitcoin ETF approved, causing a surge in Bitcoin's price. The company quickly debunked the rumor.
The false report directly mentioned BlackRock and its Bitcoin ETF. Although the company debunked the rumor, the event might have increased its visibility in the crypto market. However, it's unclear how this will affect the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100