Bitcoin Bloodbath: Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000
16 Oktober 2023 - 10:00PM
NEWSBTC
In a flurry of market activity, false news surrounding the approval
of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US
Securities and Exchange Commission (SEC) sent shockwaves through
the cryptocurrency community. False Rumors of BTC Spot ETF
Approval Trigger Volatility Initially reported by Cointelegraph,
the news claimed that BlackRock’s iShares Bitcoin Spot ETF had
received regulatory approval. Related Reading: Elliott Wave
Theory Forecasts XRP Price Of $27 By 2026: Crypto Analyst However,
Bloomberg analyst James Seyffart promptly cast doubt on the
report’s authenticity, stating that he could not find any
confirmation of the news at the time. Seyffart stated: I
believe this to be fake news. While this would be positive for the
things we’ve been saying. I can’t find anything that would confirm
this at the moment. Subsequently, BlackRock confirmed to FOX
reporter Eleanor Terret that the application was still under
review, rendering the initial report false. The repercussions of
this misinformation were immediately evident in the market. BTC
experienced a brief surge from $27,800 to $30,000 within minutes as
traders reacted to the purported ETF approval news. However,
as the truth emerged, the market corrected itself, causing a wave
of liquidations. According to data from Glassnode, the aftermath of
the surge saw a significant increase in liquidations. Within four
hours, $113.75 million in long positions and $78.87 million in
short positions were liquidated, reflecting the volatility and
sudden reversal prompted by the false news. The incident also
prompted Cointelegraph to apologize for a post that had
disseminated inaccurate information regarding the BlackRock Bitcoin
ETF. The media outlet announced that an internal
investigation is underway to determine the source of the
misinformation. Cointelegraph stated: We apologize for a tweet that
led to the dissemination of inaccurate information regarding the
Blackrock Bitcoin ETF. An internal investigation is currently
underway. We are committed to transparency and will share the
findings of the investigation with the public once it is concluded
within 3 hours. False Breakout Fails To Dampen Bitcoin Profitable
Streak Despite the false breakout above $30,000, Bitcoin has
retained significant profits within 24 hours. Currently trading at
$28,100, it remains $1,000 higher than the initial price before
disseminating the fake news across all platforms. This marks a 5.1%
profit during this period. Related Reading: Litecoin At 12: How Has
Its 84 Million Supply Been Distributed Over Time? Consequently,
this positive turn of events has caused Bitcoin to shift from
negative to positive figures across various time frames. In the
past 7 days, Bitcoin has recorded a 2.6% profit, while over 30
days, it has seen a 6.4% increase. Only in the 14 days was a slight
decrease of 0.4%. Furthermore, a closer examination of BTC’s 1-day
chart reveals its ability to surpass significant resistance levels.
Notably, Bitcoin successfully overcame two critical moving
averages: the 50-day MA at $27,150 and the 200-day MA at
$27,030. These moving averages posed major obstacles for
Bitcoin’s price after initially dropping below this threshold. In
addition, Bitcoin managed to break through the $28,000 resistance
level, which had previously acted as a significant barrier
following the false breakout above this mark. Moving forward, the
sustainability of Bitcoin’s current price level and bullish
momentum remains to be seen amidst the circulating rumors
surrounding the long-awaited ETF decision by the applicants and the
US SEC. Featured image from Shutterstock, chart from
TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Okt 2023 bis Okt 2024