Bitcoin: The fake news that has shaken the market!

Mon 16 Oct 2023 ▪ 4 min of reading ▪ by Evans S.
Getting informed Scam

In the current digital era, a mere rumor about Bitcoin can spread instantly and disrupt the global market in the blink of an eye. Recently, this reality was strikingly demonstrated when inaccurate information led to a soaring surge in Bitcoin’s price, followed by an equally abrupt fall. So, what’s the true story behind this sudden volatility?

Bitcoin : Fake News

A Tweet with Soaring Consequences

The power of a tweet is sometimes underestimated, especially when it comes from a source considered reliable. Cointelegraph, a reputable media outlet in the crypto ecosystem with its 1.9 million followers on the X platform (formerly Twitter), published an explosive message: the approval of a Bitcoin ETF by the giant BlackRock. You’ll understand that it had nothing to do with Grayscale’s victory over the SEC.

In just a few minutes, this announcement propelled the price of Bitcoin from $27,900 to $29,400, an increase of over 5%.

But the excitement was short-lived. Eleanor Terrett, a Fox News journalist, quickly debunked this information, stating that BlackRock had never confirmed such approval.

Suspicions of Behind-the-Scenes Bitcoin Manipulations

While the world was astonished by Bitcoin’s erratic movements, another story was unfolding behind the scenes. An individual allegedly placed a $50,000 bet on the RollBIT exchange, betting on a Bitcoin price increase just 5 minutes before the false news was released. This audacious bet allowed them to reap an astronomical gain of $2.25 million.

Source : RollBit

Was it a coincidence or a set-up? The timing is suspicious, especially when considering that this pump and dump liquidated $100 million in short positions. The suspicions of insider trading are more than justified.

The Lesson to Learn: Vigilance and Responsibility

The dissemination of false information is not a trivial act, especially in a volatile domain like Bitcoin. So, who is to blame? Cointelegraph, probably a victim of hacking, quickly apologized and launched an investigation.

However, the media outlets that relayed the information without verification bear a significant share of responsibility. In this digital world, the speed of information should never take precedence over its verifiability. As the saying goes, “Think seven times before posting a piece of news.”

The Bitcoin and false BlackRock ETF approval saga is a harsh reminder of the importance of journalistic rigor and investor caution. In a world where every tweet can disrupt markets, verifying information is more critical than ever.

This story also highlights the importance for Bitcoin industry players to remain vigilant against potential manipulations. After all, trust is a precious commodity, especially in the digital world. This unfounded rumor does not deter the strong upward trend on the horizon.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.