Bitcoin gives up gains after BlackRock denies crypto media report

euronews.com:

Bitcoin rose suddenly on Monday, before giving up nearly all its gains after asset manager BlackRock denied a crypto media report that US regulators had approved its high-profile application for a crypto investment product.

Bitcoin, known for its volatility, was last trading up 3.82% at $28,211 (around €26,600), after earlier rising as much as 10% to $29,900 (around €28,000), its highest since August.

Crypto news outlet Coin Telegraph had earlier reported that the US Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story.

But bitcoin fell sharply after a Fox Business reporter said on the social media platform X (formerly called Twitter) that BlackRock denied the report.

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.

"Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumours of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro.

In a post on X, Coin Telegraph apologised for its earlier post, which it said "led to the dissemination of inaccurate information."

"An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours," Coin Telegraph said. It also deleted its initial post.

Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has