Rumors that the U.S. Securities and Exchange Commission (SEC) had approved the BNY Mellon iShares Bitcoin Spot Exchange Traded Fund (ETF) caused Bitcoin to surge by 7%. However, after BNY Mellon debunked the false news, the gains were quickly erased.
BNY Mellon told Fox News reporter Eleanor Terrett that the approval claim was "false," and added that their application is still pending review. According to data, following this update, Bitcoin's price plummeted 6% from $30,000 to $28,000 in just 15 minutes.
"Information spreads faster than light, and a piece of fake news has caused a wave of excitement in Bitcoin, but soon our hopes were dashed!"
The false news of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF led to Bitcoin's price soaring to a high of $30,640, but the truth was soon revealed. It can be said that it was a very, very crazy day for cryptocurrency at least.
CoinGlass data shows that the rumor triggered nearly $80 million in short liquidations and over $30 million in long liquidations on cryptocurrency derivatives exchanges. Liquidation refers to the automatic closure of leveraged positions by exchanges due to initial margin losses by traders.
Other sources reported:
BTC short liquidation: $128 million, price at $28,449;
BTC short liquidation: $263.2 million, price at $30,233;
BTC long liquidation: $41 million, price at $28,990;
BTC long liquidation: $52 million, price at $28,074;
This inaccurate Twitter post was deleted within an hour, but it had already spread on social media, affecting prices and prompting Cointelegraph to apologize.
The following is a breakdown of the event based on Cointelegraph's clarification:
The misinformation began with an unverified screenshot posted by a user on X, claiming that the screenshot came from Bloomberg Terminal. The screenshot incorrectly indicated that the U.S. Securities and Exchange Commission had approved BNY Mellon's iShares Bitcoin spot ETF.
During routine reporting, Cointelegraph's social media team posted this unconfirmed information on social media platforms without prior editorial approval.
Cointelegraph's standard procedure requires verifying the source of news before posting on social media, but this was not followed in this case.
Although Cointelegraph did not publish an article containing this erroneous information, the post had a significant impact on social media.
Upon realizing the error, Cointelegraph conducted an internal investigation, retracted the initial social media post, and publicly apologized. They also reached out to BNY Mellon and Bloomberg Terminal for confirmation. Following the incident, Cointelegraph committed to auditing and reviewing its social media management process to prevent such occurrences in the future.
However, last week, the SEC's decision not to appeal its failure in Grayscale increased the chances of GBTC evolving into a spot Bitcoin ETF. Bloomberg analysts now believe that the approval likelihood of a Bitcoin spot ETF in January 2024 is 90%. According to data, Bitcoin has risen by 4% in the past week, currently trading above $28,000.
Note: All content represents the author's personal views and is not investment advice, nor should it be interpreted in any way as tax, accounting, legal, business, financial, or regulatory advice. Before making any investment decisions, you should seek independent legal and financial advice, including advice on tax consequences.
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