“Bitcoin’s rollercoaster ride takes a wild turn as a single bogus tweet sends shockwaves through the market, causing a surge followed by a sudden collapse, leaving investors on the edge of their seats.”
The world of cryptocurrency experienced another bout of volatility on Monday, thanks to a fake news report. Bitcoin’s price surged by 10% to nearly $30,000 in a matter of minutes, only to quickly drop back down when the truth emerged. The false report claimed that the US Securities and Exchange Commission had approved a request by BlackRock to create the first-ever spot bitcoin exchange-traded fund (ETF). CoinTelegraph, the outlet responsible for the erroneous tweet, later apologized and stated that an internal investigation is underway.
Approval of a bitcoin ETF by the SEC would be a significant milestone in the mainstream acceptance of cryptocurrencies. Quartz suggests that it may just be a matter of time before such approval is granted. A Bloomberg analyst even predicts that the first bitcoin ETF will be trading by early January. As of Tuesday morning, bitcoin was trading slightly above $28,000.
It’s important to remain cautious and verify information before reacting to cryptocurrency news, as the market can be highly susceptible to manipulation. This incident serves as a reminder of the need for due diligence in the cryptocurrency space.