Bitcoin price pumps then crash following BlackRock ETF approval fake news

October 17, 2023 01:54 AM AEDT | By Invezz

Bitcoin price pumps then crash following BlackRock ETF approval fake news — Image source: Invezz

BlackRock fake news and BTC’s roller coaster ride

The cryptocurrency world was set abuzz when news broke that the US Securities and Exchange Commission (SEC) had given the green light to BlackRock’s Bitcoin ETF. As investors and enthusiasts anticipated a significant market shift, Bitcoin’s price skyrocketed to a high of $29,448.14.

Traders reacted fervently to this seemingly positive development, driving the market cap to approximately $548.16 billion, and solidifying Bitcoin’s position as the leading cryptocurrency. A 24-hour trading volume of $22.99 billion exemplified the heightened interest.

However, the excitement was short-lived. BlackRock swiftly clarified that their ETF application was still under SEC review, refuting the initial reports. Bitcoin’s price promptly retraced its gains, plunging from its daily high of $29,448.14 to $26,861.14.

Besides the price pump and dump, CoinGlass data shows $98 million in liquidations as a result of the fake news.

CoinGlass data appears to have $98m in liquidations as a result of this. I'd expect an easy win for market manipulation. pic.twitter.com/7rg9Ayir0c
— L. Sebastian Purcell, PhD (@lspurcell) October 16, 2023

Was it fake news or a leak?

It is interesting to note that every major news outlet covered the Bitcoin ETF approval news within minutes. Maybe a bit of a question in there; is it really fake news, or could it be a leak that jumped the gun?

The incident, however, underscores the need for caution and vigilance within the cryptocurrency market. False or misleading reports can lead to significant price fluctuations, as evidenced by Bitcoin’s roller coaster ride. Market participants are advised to verify information through reliable sources and refrain from reacting to rumours.

The post Bitcoin price pumps then crash following BlackRock ETF approval fake news appeared first on Invezz

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