crypto media platform Cointelegraph has bitcoin-etf-news” rel=”nofollow noopener” target=”_blank”>clarification provided about how the fake news about bitcoin Spot ETF approvalIt emerged, which was launched on its Twitter and Telegram platforms. Although now deleted, the post caused a stir in the crypto community and, by extension, the crypto market.
Cointelegraph Pre-Publication Events
According to a bitcoin-etf-news” rel=”nofollow noopener” target=”_blank”>mail Posted on its website, Cointelegraph stated that the news originated from “an unconfirmed screenshot posted by user X who claimed it was from the Bloomberg Terminal.” The post also contained details of how the team found out about the rumored news through a Telegram channel, which usually receives developing stories.
Upon learning of this rumor, one of the platform’s employees reposted it in an internal Slack channel. However, without confirming the authenticity of the news, another employee posted the development on his X and Telegram platform. This was reportedly done without obtaining the required editorial approval.
<img decoding="async" class="alignnone size-medium wp-image-260208 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/10/CoinTelegraph-Reveals-Timeline-of-Events-Leading-to-Liquidation-of-100.png" alt="CoinTelegraph Spot bitcoin ETF News” width=”594″ height=”420″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/CoinTelegraph-Reveals-Timeline-of-Events-Leading-to-Liquidation-of-100.png 594w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55-933×660.png 933w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55-768×543.png 768w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55-120×86.png 120w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55-750×530.png 750w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55-1140×806.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-17-at-12.04.55.png 1182w” sizes=”(max-width: 594px) 100vw, 594px”/>
Source: X
The post simply said that the crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>US Securities Commission (SEC) had approved iShares bitcoin Spot ETF. This bitcoin Spot ETF in question is the one that asset manager BlackRock plans to offer if approved by the SEC.
Following Cointelegraph’s publication, many, including Bloomberg ETF analysts bitcoin/bloomberg-spot-bitcoin-etf/” rel=”nofollow noopener” target=”_blank”>James Seyffart and Eric Balchunas, questioned the veracity of the news. While this was happening, the employee who initially shared the post on the Slack channel noted that the source could not be found as the Telegram account that posted it appears to have been deleted.
This led to another employee editing the X and Telegram posts to include the word “allegedly” at the end of the post. The posts were eventually removed after the news platform obtained BlackRock confirmation that the report was incorrect by issuing a statement confirming that the information was inaccurate.
Settlements and conspiracy theories
It is worth mentioning that bitcoin/bitcoin-whale-addresses-30000/” rel=”nofollow noopener” target=”_blank”>btc reached $30,000 Following Cointelegraph’s publication, such news typically indicates a bullish narrative. However, considering the circumstances surrounding the post, many traders in the crypto community made their frustrations known as the news led to nearly $100 million in bitcoin positions and over $157 million in crypto positions being liquidated in a period of 24 hours, depending data from Coinglass.
Most of those affected were merchants who had taken short positions, betting against an increase in the price of bitcoin. Following the rise in bitcoin price, over $71 million worth of short positions were wiped out instantly.
Cointelegraph’s post also generated some conspiracy theories, with some suggestion that the news platform was likely paid (or of its own free will) to manipulate the market.
Rollbit online crypto casino published a screenshot of an exchange that appeared to have been made by someone in the media. The screenshot showed that the trader had placed a long trade in btc at the time the fake bitcoin Spot ETF approval post was made. Said trader earned more than 2 million dollars with the operation. However, this has not been confirmed to be true.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/CoinTelegraph-Reveals-Timeline-of-Events-Leading-to-Liquidation-of-100" alt="bitcoin Price Chart from Tradingview.com (Cointelegraph)” width=”2804″ height=”1746″/>
btc price surges following Spot ETF post | Source: BTCUSD on Tradingview.com
Featured image from Investing.com, chart from Tradingview.com
