Bitcoin returns intraday gains as iShares Bitcoin ETF news turns out to be fake

Bitcoin returns intraday gains as iShares Bitcoin ETF news turns out to be fake
фото показано с : invezz.com

2023-10-16 16:46

This story was updated on October 16th, 2023 at 10:15 a.m. ET to include that reports this morning that U.S. SEC has approved iShares Bitcoin Spot ETF has been confirmed as fake.

Bitcoin soared this morning to touch the $30,000 level following reports that Securities & Exchange Commission has approved the iShares Spot Bitcoin ETF.

It has been confirmed as fake news now

Note that iShares is a collection of exchange-traded funds managed by BlackRock – the world’s largest investment management company with more than $9.4 trillion worth of assets under management.

Shortly after, however, it was confirmed as fake news that resulted in a complete pull back in Bitcoin within minutes. The cryptocurrency is trading back near the $28,000 level at writing.

Report that the U.S. regulator has approved BlackRock’s application for a Spot Bitcoin ETF would have been huge considering an exchange-traded fund is expected to materially boost institutional demand for the world’s largest cryptocurrency.

SEC did not appeal recent court order on Grayscale

On the plus side, though, the Securities & Exchange Commission late last week opted not to appeal the earlier court order that said the regulator did not have sufficient reasons to not let Grayscale convert its flagship trust into a Bitcoin ETF.

The court is now scheduled to announce its final mandate by the end of this week – following which, it is likely that Grayscale will be able to convert GBTC into an ETF. The digital currency asset manager is “operationally ready” for the conversion, as per its recent statement.

After Grayscale, it is conceivable that the U.S. SEC will begin to greenlight other Bitcoin ETFs as well which include applications from the likes of BlackRock and Fidelity.

Bitcoin is still down more than 10% versus its year-to-date high.  

The post Bitcoin returns intraday gains as iShares Bitcoin ETF news turns out to be fake appeared first on Invezz.

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bitcoin etf ishares approved spot reports fake

Источник: invezz.com

bitcoin etf → Результатов: 126


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