BlackRock CEO Larry Fink Says Bitcoin Rally On ETF Approval Rumors Is 'Flight To Quality' And Shows 'Pent-Up Interest In Crypto'

BlackRock Inc BLK CEO Larry Fink has responded to a Monday controversy surrounding a false report that claimed his company’s application for an iShares Bitcoin Trust ETF had been approved by the Securities and Exchange Commission (SEC). 

What Happened: The hoax caused a social media frenzy and led to a 10% increase in the price of Bitcoin BTC/USD.

During an appearance on Fox Business, Fink commented on the situation, stating, “It’s just an example of the pent-up interest in crypto. I think the rally today is about a flight to quality. More people are running to flight to quality whether that's on Treasuries, gold, or crypto."

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Why It Matters: Despite the positive spin, Monday’s events were triggered by a tweet from a false rumor that stated that BlackRock’s Bitcoin ETF application had been approved.

Both BlackRock and the SEC quickly debunked the rumor. 

However, Bitcoin’s price had already surged to nearly $30,000, its highest point since July, on the back of the false news. Within 15 minutes of the rumor being disproven, the apex cryptocurrency fell back below $28,000.

Price Action: At the time of writing, BTC was trading at $28,369.41, up 4.39% in the last 24 hours, according to Benzinga Pro.

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