Bitcoin Price Surges Amid Rumors of BlackRock ETF Approval, as This New BTC Clone is Also Backed to Explode

False BlackRock ETF Rumor Briefly Pushes Bitcoin to $30k

On Monday, a false report that the SEC had approved a spot Bitcoin ETF from BlackRock began spreading throughout the crypto market.

BlackRock, the world’s largest asset manager, denied these reports, stating that its ETF application was still “under review.”

However, the excitement generated by these rumors prompted investors to rush into the market and buy Bitcoin, pushing the coin’s value above $30,000 for the first time since early August.

BlackRock’s statement then poured cold water on the buzz, with Bitcoin falling from its peak sharply.

Cointelegraph, the outlet that posted the inaccurate report, has since issued an apology, stating that “an internal investigation is currently underway.”

This episode highlights the critical role that media outlets can play in the volatile crypto market, emphasizing the need for accurate information, given that investors often make split-second decisions based on real-time developments.

Rumor-Driven Short Squeeze Liquidates $100 Million in Bitcoin Positions

Cointelegraph’s false report led to a short squeeze effect, with almost $72 million in short positions being liquidated after BTC spiked to $30,000.

BTC’s rapid surge and plunge also resulted in $31 million worth of long positions being forcibly closed on the way back down, demonstrating the extreme volatility caused by the rumor.

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Author: BeInCrypto Team

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