Major cryptocurrencies experienced a significant surge on Monday evening, triggered by a false rumor on X, claiming that the Securities and Exchange Commission (SEC) had approved BlackRock’s BLK spot bitcoin ETF application.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +4.21% | $28,393 |
| Ethereum ETH/USD | +1.97% | $1,593 |
| Dogecoin DOGE/USD | +0.81% | $0.060 |
What Happened: On Monday, BlackRock, an investment management firm, provided an update regarding its ETF application for the iShares Spot Bitcoin ETF.
A BlackRock spokesperson told Benzinga that a decision on the application has not yet been made, and it is still under review by the SEC.
This news has had an immediate impact on Bitcoin, as its value quickly declined to around $28,000
While the rumor may not have had a real impact, the financial implications were tangible. Data from Coinglass, a tracker, reveals that more than $104 million worth of short trading positions, primarily held by traders betting on lower prices, were liquidated within the past 24 hours.
Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event – Future of Digital Assets. Tickets are flying- get yours!
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin SV | +16.70% | $39 |
| Bitcoin Cash | +8.15% | $230 |
| Render | +7.99% | $1.86 |
The global crypto market cap currently stands at $1.06 trillion, reflecting an increase of 0.89% in the past 24 hours.
Stocks closed higher on Monday as investors eagerly anticipated a wave of corporate earnings reports. Despite an increase in Treasury yields, traders remained unfazed. The S&P 500 gained 1.06%, finishing the day at 4,373.63, while the Nasdaq Composite saw a 1.2% increase, ending at 13,567.98.
This week marks the heating up of earnings season, with approximately 11% of the companies listed on the S&P 500 set to report their results. Among the noteworthy names scheduled are Johnson & Johnson, Bank of America, Netflix, and Tesla.
See More: Best Cryptocurrency Scanners
Analyst Notes
Michaël van de Poppe, the founder and CEO of MN Trading, suggests that the price of Bitcoin may experience a decline to $26,000.”We must go down to $26K now. Well, we don’t.”
He said, "Bitcoin is still up more than 4%, despite the wick today. The trend is already upwards, and dips are there to be bought. The ETF will be here at some point, just not today."
Crypto analyst Crypto Tony said a tweet regarding the approval of an ETF has caused quite a stir in the Bitcoin community. "Yes it was fake but a real tweet could do so much more."
Santiment, an on-chain analytics platform, has reported that a recent premature announcement suggesting the approval of an iShares ETF has caused a significant flash spike in the crypto markets. As a result, Bitcoin experienced a brief surge above $30K. “Expect polarized opinions over the inorganic pump all week long.”
Join Benzinga’s Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
