Ripple’s XRP token surged 12% before giving up all of its gains in roughly one hour after the circulation of fake news claiming that BlackRock, the world’s largest asset manager, had filed for a spot Bitcoin ETF.
On Nov. 13, several crypto news outlets reported on a filing submitted with the U.S. Securities and Exchange for an entity called the iShares XRP Trust. The documentation included the name of BlackRock managing director, Daniel Schwieger, and BlackRock’s address. XRP rocketed 12% from $0.65 to $0.73 in 25 minutes as investors forewent due diligence and rushed to ape into XRP.
However, the news was quickly discredited by Eric Balchunas, an ETF analyst at Bloomberg, after he spoke to a BlackRock representative. “This is false!” Balchunas tweeted. “Some whacko must have added using BlackRock executive name etc.”
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