HODL

Bitcoin

David

Gary

<p class="is-style-lead"><strong>The crypto community stirred as news of a Bitcoin ETF approval sent BTC prices to almost $30,000. However, this was debunked, resulting in a drop to around $28,000. This incident highlights crucial aspects within the crypto sphere</strong>.</p> 
<h2 class="wp-block-heading" id="strong-a-rollercoaster-day-for-bitcoin-strong"><strong>A rollercoaster day for Bitcoin</strong></h2> 
<p>On Oct. 16, <a href="https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news" target="_blank" rel="noopener">Cointelegraph </a>tweeted that the <a href="https://crypto.news/sec-nixes-plans-appeal-grayscale-bitcoin-etf-decision/">SEC</a> had given a thumbs up to <a href="https://crypto.news/crypto-demand-evident-amid-etf-fake-news-blackrock-ceo-says/">BlackRock</a>‘s iShares Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) <a href="https://crypto.news/learn/what-is-bitcoin-etf-and-which-companies-applied-for-it-in-the-us/">spot ETF</a>. Within just an hour, Bitcoin’s value <a href="https://crypto.news/crypto-market-sees-massive-pump-and-dump-amid-fake-bitcoin-etf-news/">rocketed</a> to around $30,000 – a number we hadn’t seen since the start of August. That’s nearly a 10% jump. It seemed like everyone wanted a piece of the action, thinking this was a big step towards blending Bitcoin with mainstream finance.</p> 
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 <img decoding="async" src="https://lh4.googleusercontent.com/TSpmNwL8LY9IE-RXYoB2Af2bOmnXP4zZDvBQUedanb--Fr38M9tcT6JJZxNQflc3RtkfEIZGHBMWDQauIEwY3J18l56ZP4l1YI-1JChYK1G3Zeez-KabpDuiXaiqadXmNwgwZqHhSxvtqR2O4eRhZCU" alt="Fake news on Bitcoin ETF approval: How rumors can sway the crypto market - 14">
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  BTC price chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">CoinMarketCap</a>
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<p>But the party didn’t last. Both BlackRock and the SEC were quick to say, “That’s not true.”&nbsp;</p> 
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   <p lang="en" dir="ltr">Careful what you read on the internet. The best source of information about the SEC is the SEC.</p>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1714020932509982771?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 16, 2023</a>
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<p>As reality dawned, Bitcoin’s value did a U-turn, diving back to about $28,500 as of Oct. 17.&nbsp;</p> 
<p>CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener">reported</a> close to $100 million in BTC liquidations within the 24 hours leading up to Oct. 17. This wild ride showed just how much even a whiff of a rumor can shake up the crypto scene.</p> 
<p>Let’s play pretend for a moment. What if that news had been real? Given the swift, nearly 10% increase in Bitcoin’s value within an hour in response to a rumor, the SEC’s official nod to a Bitcoin ETF could have been a game changer.</p> 
<p>However, in his latest monthly report sent to subscribers, David Duong, head of institutional research at Coinbase Institutional, noted that “the potential approval of one or more spot Bitcoin ETPs has already been partially priced in”.</p> 
<p> You might also like: <a href="https://crypto.news/whats-happening-with-bitcoin-etfs-and-will-the-sec-approve-them/"> What’s happening with Bitcoin ETFs, and will the SEC approve them? </a> </p> 
<h2 class="wp-block-heading" id="strong-the-crypto-community-weighs-in-strong"><strong>The crypto community weighs in</strong></h2> 
<p>The rollercoaster day wasn’t just felt on the trading floors and home setups. Twitter (now X) – was buzzing, too. And as always, the reactions ranged from sharp criticisms to light-hearted jests.</p> 
<p>Some found humor amidst the chaos. The tweet showcased a sequence of events: Cointelegraph’s erroneous announcement of the Bitcoin ETF approval, the quick pump in Bitcoin’s value, and a fictional claim of a Cointelegraph intern profiting handsomely from the short-lived surge.&nbsp;</p> 
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   <p lang="en" dir="ltr">Cointelegraph tweets “Bitcoin ETF approved”<br><br>Bitcoin pumps to $30,000<br><br>Cointelegraph intern profits $2,250,000 on Rollbit<br><br>Cointelegraph deletes tweet 😭 <a href="https://t.co/1cZ5rG54kS" target="_blank">pic.twitter.com/1cZ5rG54kS</a></p>— borovik.eth (@3orovik) <a href="https://twitter.com/3orovik/status/1713931438993641764?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 16, 2023</a>
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<p>But amidst the humor and speculation, some chose to reflect on the evolving stance of financial giants. A particular <a href="https://crypto.news/crypto-demand-evident-amid-etf-fake-news-blackrock-ceo-says/">nudge</a> at BlackRock’s CEO, Larry Fink, highlighted the changing tides.&nbsp;</p> 
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   <p lang="en" dir="ltr">This man – Larry Fink, CEO of BlackRock – spent years telling you to not buy <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>.<br><br>Now he's saying it's a "flight to QUALITY" conveniently as their ETF approaches approval.<br><br>Listen to "the system" at your own peril.<br><br>Get to ONE <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>. <a href="https://t.co/BBMR8Sfz9v" target="_blank">pic.twitter.com/BBMR8Sfz9v</a></p>— British HODL ❤️‍🔥🐂❤️‍🔥 (@BritishHodl) <a href="https://twitter.com/BritishHodl/status/1714046651814310204?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 16, 2023</a>
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<p>And it seems the rumor factory hasn’t closed shop.&nbsp;</p> 
<p>Gary Gensler, the man holding the SEC reins, might be looking to <a href="https://crypto.news/sec-might-cite-market-manipulation-to-deny-further-bitcoin-etfs/">strike down</a> Bitcoin ETF applications. Some users even suggested that he’s using the recent news hiccup as proof of crypto’s vulnerability to <a href="https://crypto.news/analyst-suggests-false-bitcoin-etf-news-was-market-manipulation/">manipulation</a>.</p> 
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   <p lang="en" dir="ltr">And we just gave this guy the right to disapprove all the Bitcoin ETfs. <br><br>Gary Gensler getting ready to deny all the ETFs by citing this fake news incident as evidence of potential market manipulation. <a href="https://twitter.com/hashtag/fakenews?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#fakenews</a> <a href="https://t.co/DVYIdpcVTM" target="_blank">pic.twitter.com/DVYIdpcVTM</a></p>— Coach Miranda Miner (@MiningMiranda) <a href="https://twitter.com/MiningMiranda/status/1713930313997410689?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 16, 2023</a>
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   <p lang="en" dir="ltr">Gary has personally made it his mission not to accept a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>    spot ETF.<br><br>Gary Gensler is now preparing to reject all the ETFs. <br><br>He plans to cite a fake news incident as evidence to show how easily the crypto markets can be manipulated…<br><br>We will win this battle ✊ <a href="https://t.co/btk7d2Gi4N" target="_blank">pic.twitter.com/btk7d2Gi4N</a></p>— Cʀʏᴘᴛᴏ ꪝ ⚡ (@Prabhan62897352) <a href="https://twitter.com/Prabhan62897352/status/1714122862104039787?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 17, 2023</a>
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<p>Meanwhile, this entire episode was a glimpse into the “what ifs” of the crypto world. And it leaves us wondering how susceptible the crypto market is to rumors.</p> 
<h2 class="wp-block-heading" id="strong-the-thin-ice-of-crypto-market-rumors-strong"><strong>The thin ice of crypto market rumors</strong></h2> 
<p>The cryptocurrency market is notably sensitive, often skating on thin ice, with even slight tremors of rumors capable of cracking its surface. History bears witness to how swiftly the market reacts, sometimes detrimentally.</p> 
<p>Take Ethereum’s (<a href="https://crypto.news/price/ethereum/">ETH</a>) layer 2 blockchain Optimism’s (<a href="https://crypto.news/price/optimism/">OP</a>) native token as an example. In August 2022, the crypto space buzzed with speculations of a <a href="https://www.coindesk.com/business/2022/08/17/optimism-token-flash-crashes-10-on-false-rumors-of-a-major-hack/#:~:text=,founder%20Jinglan%20Wang" target="_blank" rel="noopener">hack</a> concerning its multi-signature wallet.&nbsp;</p> 
<p>Despite the core team’s immediate clarification that there was no such incident, the OP token’s value took a nosedive, dropping 10% within mere minutes.</p> 
<p> You might also like: <a href="https://crypto.news/state-street-expert-bitcoin-etfs-approval-is-inevitable/"> State Street expert: “Bitcoin ETFs approval is inevitable” </a> </p> 
<p>It was later revealed that the cause of the disturbance was just preplanned fund transfers related to <a href="https://crypto.news/exchanges/coinbase/">Coinbase</a> Custody. Though the token recovered, the rapid fluctuation underscored the market’s hair-trigger sensitivity to unverified news.</p> 
<p>In July 2021, a report from London’s City A.M. newspaper <a href="https://www.reuters.com/business/retail-consumer/amazon-denies-report-accepting-bitcoin-payment-2021-07-26/" target="_blank" rel="noopener">dropped</a> a bombshell, suggesting that e-commerce titan Amazon might start accepting Bitcoin by the end of the year.</p> 
<p>This single unconfirmed piece of news electrified the market, propelling Bitcoin’s value to an astonishing $40k level from previous $30k levels.</p> 
<p>However, Amazon promptly <a href="https://crypto.news/amazon-plans-accept-bitcoin-payment-spokesperson/">denied</a> these claims, bringing Bitcoin’s surge to a screeching halt. The mere job posting for a digital currency lead at Amazon had been enough to set the market abuzz, illustrating its propensity to latch onto any hint of mainstream adoption.</p> 
<p>Such incidents raise questions about the intentions behind these rumors. Are malicious actors trying to manipulate market sentiment for quick gains? Or are these genuine misunderstandings?</p> 
<p>Whatever the case, it’s evident that in the crypto world, where immense value can shift in moments, accurate communication and careful news consumption is paramount.</p> 
<h2 class="wp-block-heading" id="strong-the-fine-line-of-ethical-journalism-strong"><strong>The fine line of ethical journalism</strong></h2> 
<p>Journalism, especially in the fast-paced world of crypto, is not just about dishing out the juiciest bits; it’s also about ensuring they’re accurate.</p> 
<p>According to a 2020 <a href="https://www.independent.co.uk/tech/59-percent-of-links-shared-on-social-media-have-never-actually-been-clicked-study-finds-a7086291.html" target="_blank" rel="noopener">survey</a>, nearly 59% of links shared on social media aren’t even clicked on, meaning people share without verifying. In the crypto world, where a mere whisper can lead to wild price swings, verifying news is not just recommended; it’s essential. After all, in the dance of words and numbers, a misstep can cost millions.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-dominance-surges-will-the-btc-price-go-up/"> Bitcoin dominance surges. Will the BTC price go up? </a> </p>

Fake news on Bitcoin ETF approval: How rumors can sway the crypto market

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