The CEO of #BlackRock explained the reasons behind the Bitcoin rally in response to "news" of the approval of a BlackRock spot ETF. Larry Fink, #CEO of the company that applied for the ETF, mentioned that the Bitcoin rally on unconfirmed news signifies "unmet demand for digital assets." On October 16th, Cointelegraph reported the SEC's approval of a spot Bitcoin ETF. Amid these rumors, the price of the leading cryptocurrency surpassed $30,000, but the post was later removed. This removal was preceded by denials from the Commission, BlackRock itself, and other media outlets.

Despite the turbulence, the Bitcoin price ended the day above $28,000, starting the week at $27,150.

Fink commented, "Part of the rally goes beyond mere rumors. I believe the surge is linked to investors seeking 'quality' in light of the current Israeli conflict and global terrorism issues. More people are looking to acquire treasuries, gold, or cryptocurrency. ... I am convinced that digital assets will play the same role."

The top executive declined to discuss the progress of the application for a spot Bitcoin #ETF . The CEO of BlackRock also added that he had heard "from clients around the world about the need for cryptocurrency."

In July, Fink stated that investors can buy digital gold as a hedge against inflation instead of precious metals.

BlackRock filed an application with the SEC for an investment product based on the leading cryptocurrency on June 15th. Following the financial giant, similar requests have been made by Valkyrie, Fidelity Investments, WisdomTree, and Invesco.

The regulator has not yet granted approval for the launch of spot Bitcoin ETFs. The Commission made exceptions for similar products based on futures of the leading cryptocurrency from ProShares and Valkyrie Investments.

Recall that in September, #SEC Chairman Gary Gensler, during hearings in the U.S. Congress, stated that the agency is still studying the court decision in the Grayscale case, as well as numerous applications for spot #Bitcoin ETFs.

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