How Cointelegraph’s False Spot Bitcoin ETF News Spread
Cryptocurrency media platform Cointelegraph has provided an explanation for how false news about the approval of a Spot Bitcoin ETF spread on its Twitter and Telegram platforms. The news, which caused a stir in the crypto community and market, originated from an unconfirmed screenshot posted by a user claiming it was from Bloomberg Terminal. After receiving the rumor through a Telegram channel, an employee reposted it on an internal Slack channel without verifying its authenticity. Another employee then published it on the platforms without editorial approval.
The Inaccurate Post and Its Consequences
The post claimed that the US Securities and Exchange Commission (SEC) had approved iShares Bitcoin Spot ETF, which is being considered by BlackRock. However, Bloomberg analysts questioned the news, and the source account was later deleted. After confirming that the report was incorrect, Cointelegraph deleted the posts. Unfortunately, the false news led to liquidations of over $100 million in Bitcoin positions and conspiracy theories suggesting market manipulation.
Liquidations and Conspiracy Theories
Following Cointelegraph’s post, Bitcoin reached $30,000, triggering a bullish narrative. However, many traders expressed frustration as short positions worth over $71 million were instantly wiped out. Some speculated that Cointelegraph may have been paid to manipulate the market. Online casino Rollbit shared a screenshot of a trade allegedly made by someone at Cointelegraph during the false news incident, but its veracity remains unconfirmed.
Hot Take: The Importance of Responsible Reporting
This incident highlights the need for responsible reporting in the cryptocurrency industry. False information can have significant consequences for traders and market stability. It is crucial for media platforms to verify news before publishing it to avoid misleading their audience and causing unnecessary market volatility. Traders should also exercise caution and conduct their own research before making trading decisions based on unverified news.
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