A False Alarm Affects XRP Trading
Despite a correction being issued, the false announcement of BlackRock registering an XRP exchange-traded fund (ETF) led to a significant shift in XRP’s trading volume and $6 million in liquidations.
Speculations and Liquidations Surrounding XRP News
A statement on social media falsely indicated that global asset manager BlackRock had applied for an XRP ETF. However, it was quickly corrected, with Bloomberg analyst Eric Balchumas confirming the news as fake.
Coinglass data revealed a sell-off in response to the news, leading to $6.91 million in liquidation volume for XRP. At the time of publication, XRP’s price stands at $0.66.
XRP and Ethereum Surge After BlackRock’s Applications
Just days before the false alarm, BlackRock filed an application for the iShares Ethereum Trust in Delaware, leading to a surge in Ethereum’s price to $2,064.
BlackRock’s spot Bitcoin ETF application is under scrutiny by the United States Securities and Exchange Commission (SEC), with hopes of a positive outcome leading to a significant market surge.
Hot Take: The Impact of False Information on Crypto Markets
The false alarm about BlackRock registering an XRP ETF shows how sensitive crypto markets are to misinformation. Even though the news was quickly corrected, it led to significant liquidations and a noticeable shift in trading volume. This incident highlights the need for accurate information dissemination within the crypto community and its impact on market movements.
By
By
By
By