On Tuesday, the crypto market was sent into a frenzy after news broke that the US Securities and Exchange Commission (SEC) had approved a Bitcoin exchange-traded fund (ETF) from BlackRock. However, it was soon revealed that the news was fake, and the market quickly corrected itself.
The fake news caused a massive liquidation of Bitcoin shorts, with over $50 million worth of positions being closed. This was a significant move, as it was the largest liquidation of Bitcoin shorts since the market crash in March.
The news of the fake ETF approval caused a surge in Bitcoin prices, with the cryptocurrency rising from around $9,400 to nearly $10,000 in a matter of minutes. This surge was short-lived, however, as the market quickly corrected itself after the news was revealed to be false.
The fake news also caused a surge in trading volume, with the 24-hour trading volume for Bitcoin reaching a new all-time high of $37 billion. This surge in trading volume was likely due to traders taking advantage of the sudden price increase.
The fake news of the BlackRock ETF approval highlights the importance of doing research before investing in the crypto market. While the news of an ETF approval from a major financial institution like BlackRock would have been a major boost for the crypto market, it is important to remember that not all news is true. It is important to do your own research and verify any news before making any investment decisions.
NEW: 🟠 Over $50M in Bitcoin shorts were liquidated on the fake BlackRock spot ETF approval news 👀
