<![CDATA[<figure class="image"><img src="https://cimg.co/news/126483/333952/adobestock-389547752-edit.jpeg" srcset="https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_1206_716.jpeg 1206w, https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_1200_712.jpeg 1200w, https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_900_534.jpeg 900w, https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_720_427.jpeg 720w, https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_600_356.jpeg 600w, https://cimg.co/news/126483/333952/responsive-images/adobestock-389547752-edit___media_library_original_300_178.jpeg 300w" width="1206" class="content-img" alt=""><figcaption>Source: Adobe</figcaption></figure>BlackRock&nbsp;CEO&nbsp;Larry Fink&nbsp;has attributed the recent rally in&nbsp;<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>'s price to the increasing interest and demand for cryptocurrencies.&nbsp;Fink made these remarks in response to a false news report about the approval of a spot ETF, which temporarily triggered a surge in Bitcoin's value.While Fink refrained from commenting on BlackRock's own application for a spot Bitcoin ETF, he acknowledged that clients from around the world have been expressing the need for crypto.&nbsp;"Some of this rally is way beyond the rumor. I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism," Fink said in an&nbsp;<a href="https://www.youtube.com/watch?v=bIoXk3FHqus">interview</a>&nbsp;on Fox Business.&nbsp;<blockquote>"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."</blockquote>On Monday, Bitcoin's price soared to nearly $30,000 following a post that falsely claimed the BlackRock ETF had received approval from the Securities and Exchange Commission (SEC).&nbsp;Although Bitcoin experienced a decline after the false report was debunked, it managed to retain some gains.&nbsp;At the time of writing, the largest cryptocurrency by market capitalization was trading at $28,200, up 1% over the past day, according to CoinGecko.It has recorded a 7.4% increase over the past month and an impressive 47.4% gain over the past year, driven in part by the anticipation surrounding the approval of a spot ETF.<h2 id="analysts-believe-sec-will-have-to-greenlight-bitcoin-etf">Analysts Believe SEC Will Have to Greenlight Bitcoin ETF</h2>In September, JPMorgan analysts led by&nbsp;Nikolaos Panigirtzoglou&nbsp;<a href="https://cryptonews.com/news/jpmorgan-anticipates-sec-approval-of-spot-bitcoin-etfs-after-grayscales-victory.htm">said that the SEC will likely be forced to approve</a> multiple spot BTC ETF applications following the&nbsp;Grayscale&nbsp;victory.As reported, a&nbsp;<a href="https://cryptonews.com/news/xrp-price-prediction-as-judge-rules-favor-of-ripple-deny-sec-motion-seal-hinman-documents-xrp-1.htm">US court has ruled in favor of Ripple</a>&nbsp;in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract.&nbsp;The ruling, issued by the&nbsp;District Court for the Southern District of New York, stated that the &ldquo;offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.&rdquo;However, the federal judge also ruled that&nbsp;<a href="https://cryptonews.com/tags/xrp/">XRP</a>&nbsp;is a security when sold to institutional investors, as it met the conditions set in the Howey Test.The JPMorgan analysts wrote that Grayscale&rsquo;s win implies that the SEC would have to retroactively withdraw its previous approval of futures-based Bitcoin ETFs in order to defend its denial of Grayscale&rsquo;s proposal of converting its Bitcoin trust into an ETF.&nbsp;However, such a move would be &ldquo;very disruptive and embarrassing for the SEC&rdquo; and appears unlikely, the analysts said, adding:<blockquote>"It looks more likely that the SEC would be forced to approve the spot bitcoin ETF applications that are still pending from several asset managers, including that from Grayscale."&nbsp;</blockquote>
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BlackRock CEO Larry Fink: Bitcoin Rally Reflects Crypto's Growing Appeal

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