Bitcoin Liquidation Reachs $65 Million Mark After News BlackRock’s Spot ETF Was Approved

Key Points:

• Cryptocurrency liquidations worth $100 million occurred in the past hour, fueled by a false report of SEC approval for a BlackRock Bitcoin Spot ETF.
• Bitcoin liquidation hits the $65 million mark, with BlackRock confirming the report as false.
• Cointelegraph issued an apology for spreading the fake news and promised an internal investigation.

In a whirlwind of market activity, the cryptocurrency community saw a staggering $100 million in liquidations across the network in the past hour, with $31 million belonging to long orders and $72 million in short orders, according to data from Coinglass.

$65 Million in Bitcoin Liquidation and False SEC ETF Approval Report

Meanwhile, Bitcoin liquidation reached $65 million with market fluctuations. This abrupt upheaval was largely triggered by a false report that briefly circulated on various crypto media sites, including Cointelegraph, claiming that the SEC had granted approval for a Bitcoin Spot ETF by BlackRock. The fictitious post, which was taken down within half an hour, managed to whip up enough speculation and interaction to send Bitcoin soaring to $30,000 before its rapid descent.

As skepticism from industry analysts and reporters took hold, Bitcoin saw its value tumble from its ephemeral peak down to $28,000. Fortunately, BlackRock has confirmed that this report is entirely baseless.

Bitcoin liquidation, in the cryptocurrency context, refers to the forced closure of leveraged positions on an exchange when a trader falls short of the necessary margin requirements, rendering them unable to maintain their position.

Cointelegraph Apologizes for Spreading Fake News as Bitcoin’s Price Swings

In light of this erroneous reporting, Cointelegraph issued an apology for disseminating the false news and pledged to conduct a transparent internal investigation, with results expected within three hours.

Furthermore, it was recently revealed that the SEC will not appeal the loss in its case against Grayscale, a development that has heightened speculation regarding the conversion of GBTC into a Bitcoin Spot ETF in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.