JUST

FOMO

Bitcoin

Spot

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 <p>Misinformation strikes again in crypto as false reports of an approved <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> by BlackRock led to over $65 million in liquidations on exchanges within minutes.</p>
 <p>The debunked information first circulated on social media, claiming the SEC had greenlit a spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> product by BlackRock. The fake post sparked enough attention to push Bitcoin from $27,900 to almost $30,000.</p>
 <p><strong>Also read: BlackRock: Spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> Application Still Under Review by SEC</strong></p>
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 <p>But prices quickly retreated to $28,000 as it became clear the report was bogus, leading leveraged traders who bought the peak to get liquidated when unable to meet margin requirements.</p>
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    <p lang="en" dir="ltr">JUST IN: $65 million $BTC liquidated within minutes following fake reports that BlackRock's Spot #<a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> was approved. pic.twitter.com/Uxb6pCfhdu</p>— Watcher.Guru (@WatcherGuru) October 16, 2023
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 <h2 class="wp-block-heading" id="h-cascade-of-bitcoin-liquidation-crosses-71-million">Cascade of Bitcoin liquidation crosses $71 million</h2>
 <p>According to data from Coinglass, the cascade of liquidations totaled $71.36 million as the brief crypto rally rapidly reversed course. The overall liquidation at press time ever since the fake news dropped stood at $114.7 million.</p>
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 <p>Lookonchain data showed that the FOMO caused many users to lose money. A whale bought 20.5 WBTC using 613,201 USDC. However, they would sell it for a loss of $49k in just 10 minutes.</p>
 <p>This painful lesson highlights the risks inherent in reacting hastily to unverified information in a volatile crypto market. While potential SEC approval of a <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> generates great excitement, traders must exercise caution when momentum spikes on flimsy evidence.</p>
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  <li>Bitcoin ETF</li>
  <li>Blackrock</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/fake-blackrock-bitcoin-etf-report-triggers-65m-btc-liquidation-tbt66584.html">https://thebittimes.com/fake-blackrock-bitcoin-etf-report-triggers-65m-btc-liquidation-tbt66584.html</a></p>

Fake BlackRock Bitcoin ETF Report Triggers $65M BTC Liquidation

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TheBitTimes

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