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Bitcoin rose suddenly on Monday over a now-retracted media report. Bitcoin rose suddenly on Monday, before giving up nearly all its gains after asset manager BlackRock denied a crypto media report that US regulators had approved its high-profile application for a crypto investment product. Bitcoin, known for its volatility, was last trading up 3. Crypto news outlet Coin Telegraph had earlier reported that the US Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story. But bitcoin fell sharply after a Fox Business reporter said on the social media platform X formerly called Twitter that BlackRock denied the report. In a post on X, Coin Telegraph apologised for its earlier post, which it said 'led to the dissemination of inaccurate information. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours,' Coin Telegraph said. It also deleted its initial post. Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation. While the news about the SEC approving a spot bitcoin ETF on Monday was a 'false alarm,' it was also a 'good dress rehearsal' for when the regulator delivers a final decision on the applications, said Lucas Kiely, chief investment officer at Yield App. Reuters was first to report on October 13 that the SEC would not appeal a recent court ruling that found it was wrong to reject an application from Grayscale Investments to create a spot bitcoin ETF, in a case that has been closely watched by the cryptocurrency industry. The District of Columbia Court of Appeals in Washington is now expected to issue a mandate within the next week specifying how its decision in the case should be executed, which will likely include instructing the SEC to revisit Grayscale's application. By Reuters. Share this article Comments. Share this article. You might also like Now playing Next. Now playing Next. Market cryptocurrency Bitcoin.

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