Over US$57 million value of Bitcoin long positions have been liquidated in the 24 hours main as much as 2:40 p.m. in Hong Kong after a publish on X (previously Twitter) falsely claimed that the Securities and Change Fee (SEC) accredited BlackRock’s spot exchange-traded fund (ETF).
See associated article: Weekly Market Wrap: Bitcoin falls below US$27,000 following CPI and Israeli conflict
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Whereas the false publish was deleted in lower than half-hour, it was mistakenly reported as reality by crypto news outlet Cointelegraph, sparking a flurry of buying and selling.
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The US$57.15 million value of whole long place liquidations included US$13.6 million in the primary hour alone, in line with crypto futures market information supplier Coinglass.
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The pretend publish initially boosted Bitcoin’s value to a two-month excessive of US$29,388, with US$52.63 million value of brief positions liquidated in the hour main as much as 9:00 p.m. in Hong Kong Monday.
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Many consider that SEC approval of a spot Bitcoin ETF for the U.S. will probably be a watershed second for crypto, as it might theoretically open the door for an inflow of institutional funding into the business.
See associated article: BlackRock shares go digital on JPMorgan’s Onyx blockchain
Fake BlackRock ETF news prompts US$57 mln in Bitcoin long liquidations finance.yahoo.com 2023-10-17 08:17:47
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