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Amid fake news of Blackrock ETF approval, Bitcoin sees a volatile surge, according to Investingcom


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    Bitcoin Sees Volatile Surge Amid False Blackrock ETF Approval News © Reuters.

    BlackRock (NYSE:) CEO Larry Fink addressed the recent misinformation that led to a swift rise and falls in prices during an interview on Claman Countdown on Wednesday. The false news, spread by CoinTelegraph, suggested that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's Spot Bitcoin ETF, triggering $65 million BTC liquidations.

    Fink, who was informed about the rumor just an hour before his discussion with Ellie Terrett and other Fox Business journalists, did not delve into the specifics of the incident. Instead, he focused on the growing interest in cryptocurrencies as a safe-haven asset amid global crises such as the Israeli conflict and global terrorism.

    In another interview with Fox Business, Fink highlighted the evolution of Bitcoin and other cryptocurrencies into reliable safe-haven assets in times of global turmoil. He pointed to a recent Bitcoin price surge that briefly exceeded $30,000 as evidence of investors considering it a dependable store of value during unstable periods. Fink attributed this rally to a flight to quality due to worldwide issues, with crypto playing a significant role alongside traditional safe havens like treasuries and gold. At present, Bitcoin is trading around $28,448.

    Crypto investor Scott Melker suggested that CoinTelegraph might have been hacked to post this fake news for price manipulation or that the ETF could be approved soon and the news was leaked prematurely. However, Melker found this unlikely given the SEC's cautious approach to ETF applications.

    In addition to his comments on cryptocurrency, Fink also emphasized the potential of AI and technology for job creation and building more factories in the U.S., thus advancing nearshoring and onshoring trends — an aspect often overshadowed by global crises. He also discussed global market dynamics, particularly the resilience of the oil market amidst geopolitical tensions, attributing this to technological advancements.

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