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BlackRock CEO Says Bitcoin Rally Triggered by Fake ETF News Indicates Increasing Interest in Crypto

BlackRock CEO’s Take on Monday’s Incident

BlackRock boss Larry Fink has finally commented on the controversy that occurred yesterday, when a fake report suggested that the US Securities and Exchange Commission had approved his firm’s filing for Bitcoin spot Exchange-Traded Fund (ETF). The hoax fueled excitement among crypto users, causing Bitcoin to surge 10%.

Fink says the latest incident shows a growing interest in cryptocurrencies. Popular crypto-focused news website Cointelegraph was behind the news piece that triggered the Bitcoin rally. Both the US Securities and Exchange Commission and BlackRock have since debunked the report, but before doing so, BTC had already risen to touch levels it hadn’t reached since July.

The oldest cryptocurrency hit $29,498 on Monday evening. Within 15 minutes after Cointelegraph’s report was dismissed, Bitcoin dropped below $28,000. However, the coin has added 2.46% to its value in the last 24 hours and now trades at $28,452, according to data from CoinGecko.

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Bitcoin Fans Differ With Fink Over Monday’s Event

Meanwhile, Fink has told a Fox Business journalist that the Monday event proves the global desire and need for spot ETF. But there are others who view the situation from a different angle.

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Several Bitcoin fans have taken to X to mourn yesterday’s blunder. Most of them fear that the US Securities and Exchange Commission Chair Gary Gensler may use the situation to support his market manipulation statements, which have been his main concern and the reason his Commission has yet to approve a spot ETF. The Bitcoin enthusiasts fear that Gensler and his commissioners may again delay their decision on Bitcoin spot ETF.

ETF Analyst Calls Out Cointelegraph Over Fake News

Bloomberg ETF analyst Eric Balchunas has called out Cointelegraph for spreading rumors. He wants the news house to reveal its source. Moreover, Balchunas also thinks that the Securities and Exchange Commission might use Monday’s incident as an excuse to extend the due date for its decision on ETFs further.

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Several Bitcoin spot ETF applications were submitted to the Commission in July by numerous asset managers. Besides BlackRock, VanEck, Valkyrie, and ProShares were among the companies that filed for a Bitcoin spot ETF.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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