Sirwin
Sirwin

The Fake News That Made Bitcoin The Center Of Attention for…. 1 Hour

By Astroboy13 | CryptoByte | 4 Nov 2023


Hellow everyone, in today’s article we are going to take a look at the fake news about Blackrock ETF application that shook the cryptospace.

The event

On October 16th, at 13:25 UTC, the official Cointelegraph Twitter (X) account made the following post :

Source : Twitter (X)

Without any source and knowing it will be a huge news that will come with huge consequences.

Immediately after, everyone else on Twitter (X) started spreding the fake news bringing even more people to FOMO (fear of missing out).

The consequences

This news immediately made skyrocket the price of Bitcoin from 28k to nearly 30k in less than 20 minutes !

Source : Tradingview

Of course, 2 hours later all of this pump was gone and the price stabilized at 28k. This made nearly 100 millions of dollars of trading position vanish in less than an hour, according to CryptoRank Platform :

Source : Twitter (X)

The Aftermath

30 minutes after the tweet, Coinlegraph changed it to include the fact that they are not the original source :

Source : Twitter (X)

A few moments later, they definitively erased it and made this statement :

Source : Twitter (X)

People started making assumption that it was a deliberate manipulation in order to gain money from the pump and dump. However, a few hours later Cointelegraph made an article summarizing hour by hour the account of what happened for this news to be published, even going so far as to display the private conversations their ‘journalists’ had in order to demonstrate their honesty :

Source : Cointelegraph

As you can see their “source” was a message send in a telegram group by a now deleted user who claimed that according to Bloomberg, Blackrock’s BTC ETF was approved by the SEC. Unfortunately, without even verifying this information, a team member still posted the news.

This episode made a lot of people react, Larry fink for exemple, stated on FoxBusiness that “this (fake news) is an example of the pent-up interest in cryptocurrencies.

Not sure what to think of that because this fake news showed that the price of bitcoin can be easily manipulated and we know that it is one of the reasons why the SEC refused to approve an ETF BTC.

Talking about the SEC, they’ve also reacted on the fake news :

Source : Twitter (X)

I’ll let you contemplate it.

Conclusion

This event showed the potential BTC has if an ETF BTC is finally approve, however it has also teach us to not make emotion-based action. And you what do think about this fake news ?

Will it impact the decision of the SEC ?

As always thank you for reading !

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Disclaimer : This is not a financial advice, you need to do your own research !

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Astroboy13
Astroboy13

I'm a crypto entousiast


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