Rumors circulated that the US Securities and Exchange Commission (SEC) had approved the iShares Bitcoin spot Exchange Traded Funds (ETF), causing a significant surge in the price of BTC. The price nearly reached $30,000 before retracting back to around $28,000 after BlackRock, the asset managers, confirmed that the news was false.
Finance journalist Eleanor Terrett tweeted that BlackRock had informed her that the rumors were untrue and that their application was still under review.
The volatility caused by these rumors led to over $105.28 million worth of trades being liquidated within just one hour. Long trades worth $32.03 million and short trades worth $73.25 million were liquidated.
Hot Take: False Rumors Cause Volatility in Bitcoin Market
The recent false rumors surrounding the approval of the iShares Bitcoin spot ETF by the SEC had a significant impact on the cryptocurrency market. The price of BTC surged to almost $30,000 before quickly retracing back to around $28,000 after asset managers BlackRock confirmed the news was untrue. This sudden volatility resulted in over $105 million worth of trades being liquidated within just one hour. It highlights the sensitivity of the crypto market to news and rumors, emphasizing the importance of verifying information before making investment decisions.
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