Misinformation on Bitcoin ETF Approval Causes Over $180M in Liquidations

Amidst a surge in the cryptocurrency market, Cointelegraph, a prominent crypto news platform, incorrectly reported that the U.S. Securities and Exchange Commission (SEC) had approved Blackrock’s spot bitcoin exchange-traded fund (ETF).

This misinformation caused Bitcoin's value to spike by over 10% from $27,700 to $29,900. However, the claim was later debunked by Blackrock, who stated their application was still under review. As a result of this misinformation, Cointelegraph faced significant backlash and has since retracted and amended their statements, issuing an apology.

After the news was proven false, Bitcoin's price retracted, highlighting the volatility and sensitivity of the market to news, whether accurate or not.

Due to this volatility, Coinglass reported that positions worth $105 million were liquidated in one hour, comprised of $73 million in shorts and $32 million in longs. In total, the 24-hour liquidation stood over $180 million on October 16th, affecting around 40,000 traders.

Bitcoin now is @ $34172 I'd say a very nice bounce back plus.