Crypto prices surged higher on Monday after a false report circulated that BlackRock’s spot BTC ETF was approved by the SEC.
- Cryptocurrency prices surged higher in early trading on Monday after a post from Cointelegraph indicated that the iShares Bitcoin exchange-traded fund application by BlackRock was approved by the Securities and Exchange Commission , sending crypto traders scrambling to acquire BTC ahead of the crowd.
Shortly after the post from Cointelegraph began circulating, Bloomberg Intelligence ETF analyst James Seyffart suggested it was incorrect. As for how the false rumor started in the first place, Bloomberg Intelligence senior ETF analyst Eric Balchunas suggested it was possibly tied to the SEC’s decision to not appeal the ruling that the regulator is obligated to review Grayscale’s application to convert the Grayscale Bitcoin Trust into an ETF.
When asked if this means GBTC would be converted to an ETF after seven days, Balchunas said, “As far as I know, the court is not going to tell the SEC to convert grayscale ETF, and moreover the court's statement not going to change anything at all.”
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