XRP holders experienced a brief moment of disbelief when a filing for the “BlackRock iShares XRP Trust” in Delaware sent the asset soaring by 12% in just thirty minutes. However, this surge was short-lived as it turned out the filing was a fake. While someone did submit the corporate registration in Delaware, it was not BlackRock, as confirmed by a company spokesperson.
BlackRock clears the air on the XRP filing
BlackRock clarified that the XRP filing was false, even though it was registered with the same address and contact information as BlackRock’s legitimate iShares Ethereum Trust filing the previous week. The confirmation of BlackRock’s iShares Ethereum Trust entity name registration last week had already impacted the crypto market, with Ethereum surpassing $2,000 for the first time in a couple of months. Typically, such registrations act as a precursor to an ETF filing. In this instance, the sequence unfolded as expected, with BlackRock later confirming its intentions for an Ethereum ETF in a Nasdaq filing.
The crypto market has been closely watching developments related to Bitcoin and Ethereum ETFs, particularly those associated with BlackRock, a colossal $9 trillion asset manager on Wall Street. BlackRock made waves in the crypto industry when it submitted a filing for its iShares Bitcoin Trust in June. Subsequent amendments or updates to this filing have consistently triggered price rallies. Recent anticipation has been heightened, with ETF analysts at Bloomberg pointing out a small window until November 17 when the SEC could potentially approve at least 12 pending Bitcoin ETF applications.
BlackRock’s Ethereum Trust filing confirmed amid ETF speculations
This timeframe results from the SEC pushing the deadline for all its Bitcoin ETF filings to November 18, following the conclusion of the comment period. Despite the heightened anticipation, there has been no official word on whether the SEC plans to approve any of the Bitcoin ETFs. Alongside the falsified XRP trust name registration, there have been instances of misinformation affecting the industry as it eagerly awaits ETF approvals. In October, a false report about the SEC approving the BlackRock Bitcoin ETF application briefly sent the BTC price soaring by 10% before it retraced.
The crypto market’s sensitivity to news related to institutional involvement, especially from major players like BlackRock, underscores the ongoing influence of traditional finance on digital assets. BlackRock’s engagement in crypto-related filings has consistently stirred market dynamics, with each move closely observed by participants. As the industry navigates these developments, the anticipation surrounding potential ETF approvals continues to drive market sentiment. The intersection of traditional finance and the crypto space remains a focal point.
Institutional participation has been seen as a significant milestone in the broader adoption of digital assets. The brief surge in XRP triggered by a fake BlackRock filing highlights the susceptibility of the crypto market to misinformation and the impact of institutional players on asset values. While the industry awaits clarity on Bitcoin ETF approvals, each development, whether genuine or false, reverberates through the market, underscoring the dynamic nature of the crypto landscape.
