BlackRock’s Larry Fink: Bitcoin Rumor Rally Mirrors Surging Interest In Crypto

The other day, we revealed the fact that It seems that the price of Bitcoin exploded following fake news of BTC approval. Scott Melker details that the report came from CoinTelegraph.

Here’s what Melker posted on X:

“Bitcoin Spot ETF Fake Approval

Quick thoughts:

1. Someone hacked CoinTelegraph and posted the fake news, knowing it would send price flying and then dumping. Easy to make millions on both sides of this trade. Manipulation. Not great in the eyes of regulators.

2. CoinTelegraph made a mistake or was hacked, it was then picked up by Benzinga, then Reuters via Benzinga then hit Bloomberg terminals. Disaster in the way that news is vetted. THE NEWS WAS ON A BLOOMBERG TERMINAL!

3. CoinTelegraph simply made a mistake and screwed everyone.

4. The ETF will actually be approved, and someone leaked the news and was able to make a ton of money by trading the volatility and front running. This seems unlikely, considering the way the SEC has handled the spot ETFs so deliberately.

There are more scenarios, none are great… unless we are about to see a real approval.”

On Monday, Larry Fink, the CEO of BlackRock, mentioned that the recent hike in the price of Bitcoin, triggered by a false news report about the approval of a spot ETF, is an example of the high interest in cryptocurrency that is currently present.

Fink mentioned that he cannot comment on the specifics of his own firm’s pending application for a spot Bitcoin ETF, but he has been receiving feedback “from clients from around the world about the need for crypto.”

“Some of this rally is way beyond the rumor,” Fink said in an interview on Fox Business. “I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism. 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.”