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Investment management firm Blackrock has reacted to rumors concerning the approval of its Bitcoin Spot ETF software by the United States Securities and Exchange Commission (SEC) which triggered fairly a stir among the many cryptocurrency neighborhood.

Blackrock CEO Responds To Claims On Bitcoin Spot ETF

On Monday, crypto information outlet CoinTelegraph posted on X (previously Twitter) that the US Security and Exchange Commission (SEC) had accepted a long-anticipated application of Bitcoin Spot ETF, however later retracted the report. However, the publish sparked pleasure throughout the crypto neighborhood inflicting the Bitcoin worth to rise quickly.

The cryptocurrency’s worth surged to virtually $30,000 earlier within the day after the alleged publish was made by Cointelegraph yesterday. However, the cryptocurrency’s worth fell virtually instantly after the report was confirmed to be false by Blackrock’s Chief Executive Officer Larry Fink and different outstanding voices within the crypto neighborhood.

Eleanor Terrett was the primary to report that this information was false after talking with BlackRock and that the corporate’s Bitcoin Spot ETF remains to be below overview by the US regulator. 

BTC spikes following faux Spot BTC ETF approval information | Source: BTUCSD on Tradingview.com

In an interview with Fox Business, Fink, who stated he solely discovered concerning the ‘news’ hours later because of him being extraordinarily busy all day, took a moderately optimistic stance on the occasion. According to the CEO, noting that Monday’s occasion solely proved the worldwide want and want for a Bitcoin spot ETF.

“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” Fink stated. “I think there are more people running into a flight to quality, whether that is in Treasuries, gold, or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality.”

The SEC additionally confirmed that the alleged information report was false and that the applying remains to be pending. “Careful what you read on the internet. The best source of information about the SEC is the SEC.” the post learn.

So far, CoinTelegrah has apologized with a publish on X for the false report it posted “which led to the dissemination of inaccurate information.” The crypto media outlet later posted the results of its inside investigation which confirmed a workforce member had posted the ‘news’ with out getting approval from its editorial workforce.

Crypto tracker, Coinglass revealed that quick buying and selling positions held by buyers betting on decrease costs have been liquidated to the tune of over $104 million inside 24 hours because of the false information.

Featured picture from Shutterstock, chart from Tradingview.com