Crypto prices surged higher on Monday after false reports that a spot BTC ETF was approved, with most gains holding in afternoon trading despite the story being retracted.
- Cryptocurrency prices surged higher on Monday after an erroneous report that BlackRock’s spot Bitcoin exchange-traded fund application had been approved by the Securities and Exchange Commission was widely circulated, sparking a rush to acquire tokens until BlackRock denied the news.
At the close of markets, the S&P, Dow, and Nasdaq all finished well into positive territory, up 1.06%, 0.93%, and 1.20%, respectively. Addressing the long-term outlook for the crypto market, Solo Cessay, the CEO and co-founder of Calaxy, said, “Relative to other assets, the risk vs. reward of crypto looks much better.”
“We're very much aware that the Federal Reserve has a lot more work to do when it comes to monetary policy and getting things in check, given inflation is still out of control,” he said. “Because of that, I see a lot more downside in the S&P 500 with things like traditional real estate versus things like Bitcoin, where I think the downside has been pretty much capped where it's at.”
Addressing Monday’s erroneous Cointelegraph report and the subsequent whipsaw it caused for BTC price, Cessay said the “slip-up shows how close we are to some crazy upside, and with the approval percentage looking quite high, it’s hard not to be bullish on crypto. I think, just given the price levels that we're currently at, it does look attractive.”
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