Misleading Report on SEC Decision Shakes Bitcoin Market

[Ucy]

The spike has nothing to do with what you claim to be the cause. It was in fact triggered by a useful contribution or a good development that could potentially benefit Bitcoin without creating more problems for it unlike ETF.  The price movement was bound to happen by the way, and it achieved its goal.

[Haunebu]

I don't know why it feels like a lifetime for you since the last time BTc went over 30k was only few months ago and if you have a feeling like that, it may mean that you are maybe following bitcoin price too much. Instead, its way more productive to see this period as an opportunity to acquire as much bitcoin as possible.

Couple of months is a long time for a trader like me who focuses on dips and gains on a regular basis.

Also, it's easy to say that this is a good time to buy BTC at a particular price range, but the fact is that it could be a bad time too since it could dip a lot later on. Invest only what you are willing to lose. Think properly!

[Jegileman]

On Monday, the crypto-focused media outlet Cointelegraph disseminated false information via social media platform X and its Telegram channel, triggering a more than 10% spike in bitcoin (BTC) value against the U.S. dollar.

The digital currency briefly touched $29,900 per coin before plunging to $28,100 per unit once the news was debunked. Cointelegraph, despite issuing an apology, was too late to prevent the market upheaval that resulted in the obliteration of $78.92 million worth of short positions.source

Disseminating fake news like this has a significant impact on the market, and it does not always end well. Cointelegraph made a significant mistake here, but it was too late for the market not to react to the news before it was debunked.  I believe there is already an investigation underway to determine the true cause of this news and what happened to have circulated this news by one of their news publishers. This is an interesting example as well as an expectation to show how the market will react to similar news in the future.

[Ale88]

Already being discussed here as it's already been pointed out by DdmrDdmr.

tl;dr Cointelegraph intern screwed up, and journalists on various crypto news sites were hilariously careless as they blindly just follow follow suit without even confirming the news first.

Cointelegraph has always been a joke and always will be. I read that they pretty much read the "news" on a Telegram channel and without doing any further verification they posted it online. I feel like nowadays there are more fake news online rather than real ones, you just need someone writing something and all the others will just copy-paste otherwise they are worried to arrive late.

[dansus021]

They made a shit show and after that, they simply made an apology and everything will be fine for everyone.

Not everyone keeps their minds calm and make good decisions after making such news. Some greed people can make their bets with leverages on Margin tradings or Futures trading and they would have been rekted on exchanges already. Will Cointelegraph make any compensation financially to their victims?

They did not and believed that an official apology would be enough to heal financial losses of many people who trust their news website for a long time.

Yes they are in fact there is another news that says "Fake BlackRock Bitcoin ETF Report Triggers $65M BTC Liquidation" - https://coinmarketcap.com/community/articles/652d69a57805ef4e3ac9c183/

Cascade of Bitcoin liquidation crosses $71 million
According to data from Coinglass, the cascade of liquidations totaled $71.36 million as the brief crypto rally rapidly reversed course. The overall liquidation at press time ever since the fake news dropped stood at $114.7 million.

Lookonchain data showed that the FOMO caused many users to lose money. A whale bought 20.5 WBTC using 613,201 USDC. However, they would sell it for a loss of $49k in just 10 minutes.

This painful lesson highlights the risks inherent in reacting hastily to unverified information in a volatile crypto market. While potential SEC approval of a Bitcoin ETF generates great excitement, traders must exercise caution when momentum spikes on flimsy evidence. - https://thebittimes.com/fake-blackrock-bitcoin-etf-report-triggers-65m-btc-liquidation-tbt66584.html

[headingnorth]

I wonder if someone at Cointelegraph knowingly started this fake news in an attempt to crash the market.
After everyone realized the news was fake, it would cause the market to crash,
allowing them or their accomplices to accumulate at lower prices.

If so, it seems their plan backfired since bitcoin has only gone up since and shows no sign of crashing.

 

[nutildah]

I wonder if someone at Cointelegraph knowingly started this fake news in an attempt to crash the market.
After everyone realized the news was fake, it would cause the market to crash,
allowing them or their accomplices to accumulate at lower prices.

If so, it seems their plan backfired since bitcoin has only gone up since and shows no sign of crashing.

The prevailing conspiracy theory is that the "intern" responsible for the tweet had a Rollbit account in which they placed a 1,000x long on Bitcoin moments prior to publishing the tweet (I think it lets you have even higher leverage than that, which indeed makes it completely like gambling and not at all like trading). Of course there is no evidence to support the conspiracy, but its highly likely some sort of shenanigans took place.

[adultcrypto]

The spike has nothing to do with what you claim to be the cause. It was in fact triggered by a useful contribution or a good development that could potentially benefit Bitcoin without creating more problems for it unlike ETF.  The price movement was bound to happen by the way, and it achieved its goal.

At first I thought the spike was actually triggered by the news and even till now I do not understand how possible they will be unconnected because of market behaviors that very day. The moment the news broke out, market turned green and upon confirmation that the news was fake, the market dumped immediately. This shows some connection if you ask me.

What I rather find strange now is the fact that the market have continued in the bullish direction even when the news have been confirmed fake and the effect dissipated.

[Best-mary]

Maybe they spread the false news on purpose to liquidate the short sellers?
Haha in that case they are doing the Hodlers a favor. Only idiots short bitcoin.

Let's say this news didn't take place. BTC was already showing up movement. I don't know why those people went on shorting. I feel sorry for them though but I know others and Myself still benefited from it regardless. Used smart trend and came out of it immediately to avoid getting liquidated

[Aanuoluwatofunmi]

Maybe they spread the false news on purpose to liquidate the short sellers?
Haha in that case they are doing the Hodlers a favor. Only idiots short bitcoin.

Let's say this news didn't take place. BTC was already showing up movement. I don't know why those people went on shorting. I feel sorry for them though but I know others and Myself still benefited from it regardless. Used smart trend and came out of it immediately to avoid getting liquidated

We are not hearing fake news for the very first time, infact we are used to that already, alot of people have made money through this recent pump while some have lost during the process, we don't have to let things like this create fear in us that we are too minded by what's going on within the crypto market as the media always seek for such advantage in other to sell as well by creating fear for unnecessary demands.

[WillyAp]

The spike has nothing to do with what you claim to be the cause. It was in fact triggered by a useful contribution or a good development that could potentially benefit Bitcoin without creating more problems for it unlike ETF.  The price movement was bound to happen by the way, and it achieved its goal.

+1 only one who knows how to think? 

[adaseb]

Well we pretty much completely retraced that dump and we are holding on to $30K pretty much (maybe a couple hundred below at the moment) so its looking like a great sign. Since the GBTC premium is shrinking and we got JP Morgan, Coinbase, Grayscale all predicting an eventual approval, we are getting some FOMO happening right now.

I read that Bloomberg analysis are predicting a 90% approval by Jan 10 2024, which is pretty much a gauranteed acceptance unless they find some serious flaws. So I think November is looking to be a great bitcoin month.

[wallet4bitcoin]

On Monday, the crypto-focused media outlet Cointelegraph disseminated false information via social media platform X and its Telegram channel, triggering a more than 10% spike in bitcoin (BTC) value against the U.S. dollar.

The digital currency briefly touched $29,900 per coin before plunging to $28,100 per unit once the news was debunked. Cointelegraph, despite issuing an apology, was too late to prevent the market upheaval that resulted in the obliteration of $78.92 million worth of short positions.source

Although apology was tendered, the damages have already been done. Cointelegraph has remained a go-to, for people who wanted updates on the events in the Blockchain space and following closely on the legals with all Bitcoin related suits, it was almost impossible to believe that a renound firm as Cointelegraph will peddle such a fake news irrespective of whoever pepetrated the act. It further goes to say that one has to always "Do Your Own Research" as it is necessarily said in the crypto space.

[WillyAp]

Downtrend is OFF last stand 34200
I think war is close and that counts as a good enough reason.