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 <p class="is-style-lead">The cryptocurrency ecosystem witnessed “pump and dump” after false news around the BlackRock Bitcoin (BTC) spot exchange-traded fund (ETF) emerged on Oct. 16.</p>
 <p>According to CoinMarketCap (CMC), the global crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization reached a two-week high of $1.12 trillion just a few minutes after Cointelegraph shared the fake news of the iShares BTC ETF approval.&nbsp;</p>
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   <img decoding="async" width="3000" height="1600" src="https://cdn.thebittimes.com/images/2023/10/17/285a6000a086ac067d3494cd9e049096.webp" alt="Crypto market sees massive ‘pump and dump’ amid fake Bitcoin ETF news - 1"> 
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   Crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap briefly touching $1.12b | Source: CoinMarketCap
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 <p>The 24-hour trading volume of the digital currency <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> also reached a local top of around $63 billion. However, after BlackRock officially denied the approval of its ETF application, the crypto ecosystem witnessed a sudden deep dive.</p>
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 <p>Consequently, the global <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization dropped to $1.08 trillion shortly, with the 24-hour <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> trading volume currently standing at $61 billion.</p>
 <p>According to crypto.news report on Oct. 16, YouTube crypto analyst Crypto Banter called Cointelegraph’s fake news “market manipulation.” He added that only a few whales with inside information knew about the false “pump and dump” scheme.</p>
 <p>The YouTuber claimed that Cointelegraph might get into serious legal trouble if the outlet does not prove its report was a mistake.&nbsp;</p>
 <p>According to data provided by Santiment, the social volume for the term “ETF” skyrocketed after the fake news emerged. Per the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> intelligence platform, the social activity around the mentioned term surged by 2,650% in less than 30 minutes.&nbsp;</p>
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   <img decoding="async" width="1283" height="488" src="https://cdn.thebittimes.com/images/2023/10/17/fe5a63d8a84cacb13aa09c40c7964e00.webp" alt="Crypto market sees massive ‘pump and dump’ amid fake Bitcoin ETF news - 2"> 
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   Social volume for “ETF” and BTC price – Oct. 17 | Source: Santiment
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 <p>Furthermore, the Bitcoin price also witnessed a <a rel="noopener noreferrer nofollow" title="massive" href="https://thebittimes.com/tag/massive.html">massive</a> surge to around $30,000. However, BTC is back to the $28,000 mark.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-market-sees-massive-pump-and-dump-amid-fake-bitcoin-etf-news-tbt66647.html">https://thebittimes.com/crypto-market-sees-massive-pump-and-dump-amid-fake-bitcoin-etf-news-tbt66647.html</a></p>

Crypto market sees massive ‘pump and dump’ amid fake Bitcoin ETF news

TheBitTimes

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