What Went Down?
On the evening of November 13, chaos unfolded in the crypto world when a supposed filing from BlackRock surfaced, claiming to set up an XRP exchange-traded product. Crypto enthusiasts nearly lost their minds as XRP’s price shot up a whopping 12%. But like a kid on a sugar high, this spike didn’t last long.
The Magic Number: $0.73
For a brief, glittering moment, XRP reached $0.73. It was a victory parade—only to find out that the filing was about as real as a unicorn in a cornfield. The jubilation lasted about 30 minutes before major analyst Eric Balchunas from Bloomberg confirmed that BlackRock hadn’t filed anything related to XRP. Talk about a classic case of ‘too good to be true.’
The Great Impersonator
So who’s to blame for this mix-up? Balchunas suggested that it might have been a prankster impersonating BlackRock’s managing director, Daniel Schwieger. Hilarious, right? Or maybe just outright silly.
“This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man.” — Eric Balchunas
Twitter Buzz and Marketplace Madness
Of course, Twitter (or X, as it’s now trying to be called) was alive with reactions. Analysts and influencers were initially split on the validity of the filing, leading to a flurry of posts and deletes. Let’s just say if there was a trophy for drama in crypto, it definitely would have gone to this episode.
The Ripple Effect—Not the Coin
The fake filing did raise some eyebrows, particularly about BlackRock’s real intentions. The firm has shown interest in diversifying its ETF offerings beyond Bitcoin, having filed for a spot Ether ETF just days earlier. But don’t worry, that one is legit—confirmed through official channels, unlike the flashy mirage of the XRP trust.
Wrapping It Up: What’s Next?
So what can we learn from this whirlwind episode? Just because you see a headline that makes your heart race doesn’t mean it’s true. Always do your homework before jumping into the frenzy, folks. And next time you hear of a new BlackRock fund, maybe keep your celebrations on hold until a credentialed analyst gives it the thumbs up!
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