Bitcoin

Million

Misinformation is not new in the crypto market. But, when it happens, it wipes out a large amount of money.  
A false report claiming BlackRock's approval of a Bitcoin ETF, sent shockwaves through the market, resulting in a loss of over $65 million.  
Bitcoin's price soared from a stable $27,900 to nearly $30,000, all driven by the exciting, albeit misleading, reports.  
The aftermath was brutal. Bitcoin's value dropped to around $28,000. Traders who had ridden the wave of optimism found themselves facing the reality of liquidation.  
Data from Coinglass revealed that this short crypto rally's reversal led to a total liquidation of $71.36 million.  
Furthermore, the financial fallout from the false BlackRock news amounted to the loss of around $114.7 million.  
Lookonchain's data shed light on the buying and selling during this period. One example involved a whale who invested in 20.5 WBTC, parting with 613,201 USDC.  
Yet, within ten minutes, this venture was sold at a loss of $49k. Such instances shows the gravity of decisions and the risks of succumbing to the Fear of Missing Out (FOMO).  
In a space where fortunes hang in the balance due to a tweet or rumors, traders must proceed cautiously. 
The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/news/crypto-news/crypto-market-loses-65-million-amidst-fake-blackrock-etf-reports/">Crypto Market Loses $65 Million Amidst Fake BlackRock ETF Reports</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

Crypto Market Loses $65 Million Amidst Fake BlackRock ETF Reports

Optimisus

Other articles published on Oct 17, 2023

Flamingo (FLM) Price Prediction 2024, 2025, 2030, 2040, and 2050

Bank of Canada Assesses DeFi’s Innovation and Challenges on Financial Markets

Bitcoin Cash Price Prediction as BCH Pumps Up 4.5% Suddenly – What's Going On?

Will XRP’s $201 Million Movement Steer a Recovery Toward $0.55?

Shiba Inu Team Warns of Fake Telegram Channel Promoting Scam

NKN (NKN) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!