Bitcoin is not Immune to Volatility from Fake news.
Bitcoin is the latest cryptocurrency to fall victim to a fake news campaign triggering an influx of demand and shortly after supply, highlighting the importance and impact of the news on the crypto market. A classic (Pump & Dump).
This fake news was surrounding an Ishare ETF by Blackrock the world`s largest asset manager that was set to be approved by the SEC.
Ironically, as soon as the fake news about the Bitcoin ETF went viral, the digital currency began to rise almost immediately from its initial price $26,000 to $30,000 in one go , leading to massive liquidations and a long squeeze the the market to a tune of $65 million in Bitcoin.
Who were the architects of this campaign?
Crypto News platforms Cointelegraph was the first to break the news of the ETF`s approval on its official”X”page
This tweet was shortly deleted due to the realisation that no official statement was yet made by the SEC or Black-rock.an apology was then posted by the platform.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
— Cointelegraph (@Cointelegraph) October 16, 2023
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…
Blackrock was quick to quash these claims in a statemnet by the BlackRock Spokesperson.
“The iShares Spot Bitcoin ETF application is still under review by the SEC”
Information from BlacBrock was thet they were still waiting on the approval. The quick response to the misleading news about the BlackRock Bitcoin ETF is a powerful reminder of the volatile nature of the crypto sector, where news accurate or not can greatly trigger market momentum placing investors in very precarious situations.
DYOR (Do Your Own Research).
Events like this remind us of the importance of relying on credible sources and taking the right approach when responding to market news. Investors need to be cautious and understand that the world of cryptocurrencies is full of rumors and uncertainties.
These recent price movements illustrate the old wisdom: in crypto, as with all investments, it’s important not to let all the headlines bother you and always consider the risks before making a decision At the time of writing, Bitcoin is trading slightly above $28,000.
For more on Bitcoin`s price analysis follow the Link
