Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock denied a crypto media report that U.S. regulators had approved its high-profile application for a crypto investment product.
Bitcoin, known for its volatility, was last trading up 3.82% at $28,211, after earlier rising as much as 10% to $29,900, its highest since August.
Crypto news outlet Coin Telegraph had earlier reported that the U.S. Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story.
Read the full story on Reuters here.