April 19, 2024
Fake BlackRock XRP Trust Filing Sends Shockwaves Through Market
Policy & Regulation

Fake BlackRock XRP Trust Filing Sends Shockwaves Through Market

In a surprising turn of events, XRP experienced a brief 12% surge after a fake filing for the “BlackRock iShares XRP Trust” in Delaware circulated. While the filing appeared legitimate at first, BlackRock, a $9 trillion asset manager, confirmed that it was a hoax. The fraudulent XRP trust filing used the same address and contact information as BlackRock’s authentic registration for the iShares Ethereum Trust last week.

This incident follows BlackRock’s Ethereum-related activities, where the confirmation of the iShares Ethereum Trust registration led to a surge in Ethereum’s price, surpassing $2,000. BlackRock’s filings are closely monitored in the crypto community as they often precede ETF (Exchange-Traded Fund) submissions. BlackRock’s previous filing for the iShares Bitcoin Trust in June had a significant impact on market sentiment, and each subsequent update or amendment has triggered price rallies.

The crypto industry is currently awaiting word from the Securities and Exchange Commission (SEC) regarding the approval of Bitcoin ETFs. Analysts anticipate potential approvals during a small window until November 17, coinciding with the extended deadline for all Bitcoin ETF filings. The SEC’s decision on Bitcoin ETFs has been a focal point, with false reports in October about the SEC approving BlackRock’s Bitcoin ETF application leading to a temporary 10% surge in BTC price.

As the crypto community navigates through these uncertainties, the industry remains on high alert for any developments related to ETF approvals and responds swiftly to accurate information while debunking misleading news.

Image: FXLeaders

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