{"id":73570,"date":"2023-10-17T09:29:14","date_gmt":"2023-10-17T13:29:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-rally-reflects-cryptos-growing-appeal\/"},"modified":"2023-10-17T09:29:17","modified_gmt":"2023-10-17T13:29:17","slug":"bitcoin-rally-reflects-cryptos-growing-appeal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73570","title":{"rendered":"Bitcoin Rally Reflects Crypto’s Growing Appeal"},"content":{"rendered":"
\n

BlackRock<\/strong>\u00a0CEO\u00a0Larry Fink<\/strong>\u00a0has attributed the recent rally in\u00a0Bitcoin (BTC)<\/strong>‘s price to the increasing interest and demand for cryptocurrencies.\u00a0<\/p>\n

Fink made these remarks in response to a false news report about the approval of a spot ETF, which temporarily triggered a surge in Bitcoin’s value.<\/p>\n

While Fink refrained from commenting on BlackRock’s own application for a spot Bitcoin ETF, he acknowledged that clients from around the world have been expressing the need for crypto.\u00a0<\/p>\n

“Some of this rally is way beyond the rumor. I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” Fink said in an\u00a0interview\u00a0on Fox Business.\u00a0<\/p>\n

\n

“I think there’s more people running into a flight to quality, whether that is in Treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality.”<\/p>\n<\/blockquote>\n

On Monday, Bitcoin’s price soared to nearly $30,000 following a post that falsely claimed the BlackRock ETF had received approval from the Securities and Exchange Commission (SEC).\u00a0<\/p>\n

Although Bitcoin experienced a decline after the false report was debunked, it managed to retain some gains.\u00a0<\/p>\n

At the time of writing, the largest cryptocurrency by market capitalization was trading at $28,200, up 1% over the past day, according to CoinGecko.<\/p>\n

It has recorded a 7.4% increase over the past month and an impressive 47.4% gain over the past year, driven in part by the anticipation surrounding the approval of a spot ETF.<\/p>\n

Analysts Believe SEC Will Have to Greenlight Bitcoin ETF<\/h2>\n

In September, JPMorgan analysts led by\u00a0Nikolaos Panigirtzoglou<\/strong>\u00a0said that the SEC will likely be forced to approve multiple spot BTC ETF applications following the\u00a0Grayscale\u00a0<\/strong>victory.<\/p>\n

As reported, a\u00a0US court has ruled in favor of Ripple\u00a0in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract.\u00a0<\/p>\n

The ruling, issued by the\u00a0District Court for the Southern District of New York<\/strong>, stated that the \u201coffer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.\u201d<\/p>\n

However, the federal judge also ruled that\u00a0XRP<\/strong>\u00a0is a security when sold to institutional investors, as it met the conditions set in the Howey Test.<\/p>\n

The JPMorgan analysts wrote that Grayscale\u2019s win implies that the SEC would have to retroactively withdraw its previous approval of futures-based Bitcoin ETFs in order to defend its denial of Grayscale\u2019s proposal of converting its Bitcoin trust into an ETF.\u00a0<\/p>\n

However, such a move would be \u201cvery disruptive and embarrassing for the SEC\u201d and appears unlikely, the analysts said, adding:<\/p>\n

\n

“It looks more likely that the SEC would be forced to approve the spot bitcoin ETF applications that are still pending from several asset managers, including that from Grayscale.”\u00a0<\/p>\n<\/blockquote><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock\u00a0CEO\u00a0Larry Fink\u00a0has attributed the recent rally in\u00a0Bitcoin (BTC)‘s price to the increasing interest and demand for cryptocurrencies.\u00a0 Fink made these remarks in response to a false news report about the approval of a spot ETF, which temporarily triggered a surge in Bitcoin’s value. While Fink refrained from commenting on BlackRock’s own application for a spot […]<\/p>\n","protected":false},"author":1,"featured_media":73571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-73570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBitcoin Rally Reflects Crypto's Growing Appeal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BlackRock\u00a0CEO\u00a0Larry Fink\u00a0has attributed the recent rally in\u00a0Bitcoin (BTC)'s price to the increasing interest and demand for cryptocurrencies.\u00a0Fink made\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=73570\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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