Bitcoin Experiences Volatile Surge Amid False BlackRock ETF Approval Reports

BlackRock CEO Larry Fink addressed the recent misinformation that caused significant fluctuations in cryptocurrency prices during an interview on Claman Countdown. The inaccurate report suggested that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock’s Spot Bitcoin ETF, leading to $65 million in Bitcoin liquidations.

Fink, who learned about the rumor just an hour before speaking with Fox Business journalists, chose not to go into detail about the situation. Instead, he emphasized the increasing interest in cryptocurrencies as a safe-haven asset amid global challenges like the Israeli conflict and terrorism.

In a separate discussion with Fox Business, Fink pointed out how Bitcoin and other cryptocurrencies are becoming more recognized as reliable safe-haven assets in volatile times. He referred to a recent spike in Bitcoin prices, which briefly surpassed $30,000, as evidence of investors viewing it as a trustworthy store of value during uncertain periods. He suggested that this price rally was driven by a shift towards quality investments amid global concerns, with cryptocurrencies playing a significant role alongside traditional safe havens like treasuries and gold. Currently, Bitcoin trades around $28,448.

Crypto influencer Scott Melker speculated that the report could have resulted from a hack of the news outlet, aimed at manipulating prices, or that news about the ETF’s approval may have been leaked prematurely. However, he deemed the second scenario unlikely, given the SEC’s typically cautious stance on ETF approvals.

Beyond discussing cryptocurrency, Fink highlighted the potential of AI and technology to create jobs and promote the establishment of more factories in the U.S. He stressed the importance of nearshoring and onshoring, which is often overshadowed by global crises. He also addressed global market dynamics, particularly the strength of the oil market amidst geopolitical tensions, which he attributed to technological advancements.

This article was generated with the support of AI and reviewed by an editor.