Information reaching Kossyderrickent has it that $65 million $BTC liquidated within minutes following fake reports that BlackRock’s Spot Bitcoin ETF was approved.
Speculators going short on Bitcoin and crypto are hurting today as markets have surged. As a result, there has been a large number of liquidations on short positions as BTC and its brethren rebound from weeks in the doldrums.
Crypto markets have pumped more than 5% over the past 12 hours as $65 billion reenters the space. Consequently, the bears have been liquidated to the tune of around $155 million.
The bitcoin market saw a wave of $65 million in liquidations today following a brief price spike caused by inaccurate reports that BlackRock’s spot bitcoin ETF received approval from the SEC.
Bitcoin prices jumped over 5% to push above $29,000 after rumors began circulating online that the Securities and Exchange Commission had signed off on a spot bitcoin ETF from BlackRock’s iShares division. However, the excitement proved short-lived as BlackRock later confirmed they had not received any such approval from the SEC.
Within just 10 minutes, bitcoin prices had retreated back to around $28,000 as the BlackRock denial came to light. Data from Bybt shows around $65 million in bitcoin positions faced liquidation during the volatile episode sparked by the misleading reports.
The incident underscores how susceptible cryptocurrency prices remain to distortions from unverified information spreading online. With the SEC continuing to delay a decision on a spot bitcoin ETF, fraudulent rumors of approvals still appear able to generate occasional price waves until debunked.