BlackRock, the world’s largest asset manager, has confirmed that its application for a spot Bitcoin exchange-traded fund (ETF) is still subject to review by the U.S. Securities and Exchange Commission (SEC), according to information published by The Block, on October 16th.

The confirmation comes after rumors that the company’s fund had been approved. According to the publication, a BlackRock spokesperson confirmed that the iShares Bitcoin application remains under analysis by the SEC.

Following rumors about the fund’s approval on social media, the price of Bitcoin skyrocketed to $30,000 immediately on October 16.

Lightning rally sees bitcoin test $30,000 as bulls bet on ETF approval

The price of Bitcoin had a lightning rally above the $28,000 resistance and even tested the $30,000 zone. BTC is currently trying to stabilize its price, rising by more than 5% on the day and trading close to $28,000.

Today’s bitcoin price rally comes as the SEC appears not to appeal the court’s reversal of a decision by Grayscale to convert its popular bitcoin fund into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly paving the way for the first bitcoin ETF on the market.

At the time of publication, the price of Bitcoin was quoted at US$28,197.34, up 4.8% in the last 24 hours. The cryptocurrency recorded a trading volume of $26,092,805,310 during this period.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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