Potentially Fake News of Bitcoin ETF Approval Causes Price Pump and Dump
A popular crypto YouTuber called Crypto Banter recently discussed how fake news about the approval of a Bitcoin spot ETF caused a sudden surge and subsequent drop in the Bitcoin price. According to the host, on October 16th, news circulated that the SEC had approved a Bitcoin spot ETF by BlackRock, causing the price to surge from $28,500 to over $30,000. However, it was later revealed that the news was false and BlackRock did not have an approved Bitcoin ETF.
The host suggested that this was a deliberate attempt at market manipulation. The fake news allowed large Bitcoin shorts to be liquidated and attracted new buyers who believed the ETF approval was real. After the truth came out, the Bitcoin price dropped back to around $28,000. The host warned viewers to be cautious of unconfirmed rumors on social media and praised his team for uncovering the truth.
Possible Legal Consequences for Cointelegraph
Crypto Banter also mentioned that if the false ETF story cannot be proven as a mistake, Cointelegraph may face legal consequences for market manipulation. Twitter user ZachXBT traced the likely original source of the fake news to a Telegram group. More details on this story will be provided as they emerge.
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