Bitcoin is lonely in its rise, BlackRock CEO with high emotional intelligence responds This is a ‘revenge rebound’ for interest in cryptocurrencies.

Bitcoin's Solitude Amid Its Ascension BlackRock CEO's Emotional Intelligence-Driven Response to the 'Vengeful Surge' in Cryptocurrency Interest

Shortly after the opening of the US stock market on Monday, foreign media Cointelegraph published an article on the X platform, stating that BlackRock’s spot Bitcoin ETF has been approved. The market enthusiasm was instantly ignited and Bitcoin briefly surged 5%, approaching the $30,000 mark.

However, this tweet was deleted after only 30 minutes because BlackRock, Bloomberg, and other media outlets confirmed it as fake news. Cointelegraph also apologized for “a tweet that caused the dissemination of inaccurate information.” Bitcoin quickly fell back above $28,000.

Those who speculated on Bitcoin suffered heavy losses. According to data tracked by Lookonchain, a Bitcoin whale spent $600,000 to buy 20.5 WBTC after the news broke, but sold them for only $563,000 after the rumor was debunked.

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At the same time, the violent fluctuation of BTC triggered a large-scale liquidation.

According to CoinGlass data, as of the closing of the US stock market on Monday, the total liquidation value in the cryptocurrency market over the past 24 hours was $189 million, involving 40,521 traders. Most of these liquidations were short positions, with a value of $140 million. Bitcoin trading accounted for $100 million of these liquidations.

The official X account of SEC in the United States tweeted: “Be careful about what you read online. The best source of information regarding the SEC is the SEC itself.”

BlackRock: Seeing “cryptocurrency demand from clients around the world”

BlackRock CEO Larry Fink said in an interview with Fox Business channel on Monday that the false news of the approved spot ETF actually caused a “revenge bounce” in cryptocurrency interest and Bitcoin prices.

Fink has become a supporter of Bitcoin in recent months, repeatedly emphasizing its role as “digital gold.”

Fink stated that he could not comment on the specific details of his company’s pending Bitcoin ETF spot application, but he said that he has heard “cryptocurrency demand from clients around the world.”

Fink said: “The significance of this rebound goes far beyond the rumors themselves. I think today’s rebound is about the pursuit of quality, with all the issues surrounding the Israeli war and global terrorism. I think more people are pursuing quality, whether it’s government bonds, gold, or cryptocurrencies, it depends on how you look at it. I believe that cryptocurrencies will play an important role in this.”

An Optimistic Estimate for Spot ETFs

LianGuai previously reported that the U.S. Securities and Exchange Commission (SEC) announced last month that it is initiating additional procedures to determine whether proposed spot Bitcoin ETFs by well-known asset management companies such as BlackRock, Invesco, Valkyrie, and Fidelity should be approved or rejected. The review period will be extended for at least another month.

Last Friday, after the SEC decided not to appeal the recent Grayscale ruling, the price of Bitcoin showed a positive trend, which may force regulatory agencies to review Grayscale’s spot Bitcoin ETF application.

Philippe Bekhazi, CEO of XBTO Global, stated that the SEC not appealing is a critical moment for the cryptocurrency industry.

Bekhazi stated in a report, “Considering the pressure the SEC faces from the courts and the U.S. House Financial Services Committee, the approval is only a matter of when, not if.”

He added, “Once approved, it will bring new possibilities for many sovereign funds, pension funds, IRAs and 401(k)s, and other institutions that may not have had access to digital asset investment opportunities before.”

The analyst insists that once the SEC completes a comprehensive evaluation, it is highly likely to be approved in the first quarter of next year. He added, “From then on, we are likely to see many other applications approved in 2024, which will be a positive step for institutional adoption of cryptocurrencies.”

ARK Invest CEO and CIO Cathie Wood also commented on filing a spot Bitcoin ETF during an interview with CNBC on October 17th. She believes that the SEC’s decision to seek more information may mean that the hope for the approval of a spot Bitcoin ETF is rising.

ARK Invest is one of several asset management companies seeking a spot Bitcoin ETF. Wood first described the current state of her company’s application, stating, “Last week, it was made public and disclosed that we have responded to the SEC’s request for information about Bitcoin filings, and we have responded and basically, that’s all we can divulge at this point.”

When asked about the speculation that a spot Bitcoin ETF may be approved before the end of this year, Wood stated that this might be due to ARK’s own deadline for approval. The SEC must make a decision on ARK’s proposal by January 10, 2024. Although ARK’s application is in the first place, Wood pointed out that multiple ETFs may be approved simultaneously.

Market data shows that despite the debunking of false rumors, Bitcoin still maintained a certain increase, rising 4.8% to $28,505 at the close of the U.S. stock market that day. With investors hoping for the approval of spot Bitcoin ETFs this year, BTC has risen 7.4% in the past month and 47.4% in the past year.

Author: LianGuaiBitpushNews Mary Liu

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