An erroneous report that BlackRock Inc. had won approval to launch a spot ETF rapidly sent the largest digital asset to $30,002 on Monday, the highest price since March. The move cooled after the world’s biggest money manager said its application remains under review, leaving Bitcoin 4.4% higher for Oct. 16.
Crypto Price Today: Bitcoin nears $28,000; Ethereum rises above $1,550
"BTC and ETH both showed positive gains over the weekend, driven by the news that the SEC won't appeal the court decision regarding Grayscale's spot Bitcoin ETF application. This news has sparked the interest of investors, as it raises the likelihood of a BTC spot ETF approval by the end of the first quarter of 2024," said CoinDCX Research Team.
Crypto Price Today: Bitcoin rises above $28,200; Ethereum holds above $1,550
"Bitcoin’s price touched the $30,000 mark before settling at the $28,000 level following false news published on X (formerly Twitter) about the SEC approving Blackrock’s spot ETF application. The news caused more than $100 million in liquidations," said Edul Patel, CEO of Mudrex.
BlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." Sources close to the SEC also confirmed that the application is still pending.
Bitcoin consolidates at $27,500 post last week’s short-term rally
The immediate resistance levels for Bitcoin on the upside are located around US$27,650 and subsequently US$28,000. A decisive breakthrough above the US$28,000 resistance level could trigger another bullish run.