Fake news claiming that BlackRock’s iShares spot Bitcoin ETF has been approved has become trending. It also led to a rollercoaster ride for Bitcoin. Accordingly, more than 100 million dollars of futures positions were liquidated in just one hour.
Millions of dollars flew in Bitcoin positions after fake news
Fake news about the supposed approval of the BlackRock spot Bitcoin ETF by the SEC began circulating, throwing the cryptocurrency market into turmoil. According to data from on-chain analysis firm Coinglass, this fictitious announcement resulted in an important issue. This triggered a series of events that resulted in the rapid liquidation of the $111 million futures position. Plus, it all happened in just 30 minutes.
When the fake news first appeared, the price of Bitcoin BTC rose from $27,845 to $30,000. Accordingly, it increased by approximately 7.7% compared to its previous value. However, the balance quickly changed as many sources denied the news. Accordingly, the value of Bitcoin dropped to $ 28,100. This rapid price change caused great harm to futures traders who were caught off guard.
Biggest liquidation and stock market impact
The single most significant liquidation event during this crazy period involved an $8.86 million Bitcoin long position opened on the OKX cryptocurrency exchange. 46 million dollars of the total liquidation of 111 million dollars took place in OKX. On the other hand, Binance ranked second with a liquidation of $30 million.
When the liquidated positions were further broken down, it was revealed that $67 million was attributed to the liquidation of Bitcoin Short positions. Additionally, it was revealed that $18 million was associated with Ethereum (ETH) long positions. When the data on all cryptocurrencies included in the liquidations is examined, it is seen that the total amount of short positions constitutes 71 million dollars. In addition, it is seen that the value of liquidated long positions reached 33 million dollars.
The world of cryptocurrency is a bumpy journey
The latest cryptocurrency rollercoaster highlights the market sentiment of Bitcoin and altcoins. Additionally, when we look at it as cryptokoin.com, it highlights its vulnerability to fake news. On the other hand, he states the importance of being careful and doing comprehensive research in the ever-evolving crypto field. Investors and traders should be alert to rapid market changes. Also, one must be prepared for unexpected situations.
Ultimately, this incident is a stark reminder of the crypto market’s sensitivity to external factors. It reveals the need for accurate and reliable information to guide investment decisions.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.