- BitDegree Insider
- 👀1 Rumor Results in Over $100M Liquidations in 1 Hour
👀1 Rumor Results in Over $100M Liquidations in 1 Hour
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💰The Power of Rumors
👌Selected Meme of The Day
THE POWER OF RUMORS
Well, the Monday’s just begun, and we’ve already got some interesting action going on.
For example, earlier today, the price of Bitcoin suddenly…. jumped to nearly $30K. Then… In a matter of minutes, it went down, stabilizing at around $28,300 (as of the time of writing).
So, a question arises… what happened? Well, as this section’s title suggests… Some powerful rumors were launched. What happened?
Apparently, fake reports that the U.S. Securities and Exchange Commission (SEC) has granted approval for the Bitcoin ETFs.
It all with a tweet by CoinTelegraph. In this tweet, the news were announced.
Soon, this tweet has been deleted.
Nevertheless, the community got into a festive mood really quickly.
But, contrary to earlier reports, the U.S. Securities and Exchange Commission (SEC) has not granted approval for the Bitcoin ETF. This information, which was initially circulated by prominent sources such as Cointelegraph, remains unverified on the SEC's official filings page.
Despite efforts to confirm the news, it has raised skepticism, as more and more people started posting their doubts.
And, if you guessed that this had quite an impact on the market, you’d be right. Apparently, $105.3M worth of crypto liquidations took place in around 1 hour.
All of this happened due to a single tweet that was proved to be fake news. And it happened really quickly. Makes you think about the power that the media wields.
For some more context, it’s worth noting that the prior rejections of Bitcoin ETF applications from the mentioned companies by the SEC added an element of uncertainty to the process. A potential rejection of the latest series of ETF proposals in October would have initiated a new cycle of applications, approvals, delays, and rejections.
Additionally, there is optimism in the air, driven by Grayscale's expressed intent to convert its GBTC fund into an exchange-traded fund. This move showcases the potential for future approvals and positive developments in the ETF landscape.
TL;DR: Bitcoin experienced a sudden price spike to nearly $30,000, followed by a rapid decline to stabilize around $28,300. This volatility was triggered by fake reports suggesting the U.S. Securities and Exchange Commission (SEC) had approved Bitcoin ETFs, which started with a tweet by CoinTelegraph but was later debunked, resulting in over $105.3 million worth of crypto liquidations in about an hour, highlighting the significant influence of media and the ongoing uncertainty around Bitcoin ETF approvals.
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SELECTED MEME OF THE DAY
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.