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Bitcoin Price Rollercoaster: Bogus Tweet Triggers Surge and Subsequent Plunge

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“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.

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