A few hours ago, cryptocurrency news outlet Cointelegraph, via its official X account, tweeted about Bitcoin ETF approval. This news sent shockwaves through the crypto community. This news spread like wildfire, creating anticipation and speculation in the market. However, this initial frenzy was quickly met with a reality check. Respected analysts from Bloomberg and journalists from Fox Business took action. Accordingly, he reached out to BlackRock, a major player in the ETF space, to confirm this information. The verdict was clear: the news was false and there was no confirmation.
Cointelegraph turns back and apologizes for Bitcoin ETF news
Cointelegraph took immediate action against this denial. First, the news outlet changed its tweet to state that the Bitcoin ETF approval was based on rumors. Thus, he tried to prevent increasing misinformation. Ultimately, realizing the seriousness of the situation, Cointelegraph chose to delete the misleading tweet entirely.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…
— Cointelegraph (@Cointelegraph) October 16, 2023
Shortly thereafter, Cointelegraph expressed regret for its role in the misinformation incident and issued a public apology accordingly. Additionally, the organization announced that it was conducting an internal investigation to uncover how this incident occurred. Cointelegraph promised to release an official statement within three hours to provide clarity to the community.
Amazing Rollbit screenshot
As the dust begins to settle regarding the Bitcoin ETF, a surprising screenshot has emerged on Twitter via Rollbit, a cryptocurrency trading platform. In the screenshot, it was claimed that Cointelegraph had taken a significant long position. According to the unverified screenshot, Cointelegraph used 50x leverage. He had initiated a long position in Bitcoin from $27,774 to $50,000. The position was allegedly closed at $30,274, making a staggering profit of $2,250,800.
This you? pic.twitter.com/itGbMEKByV
— Rollbit (@rollbitcom) October 16, 2023
It remains unclear whether Rollbit shared this screenshot for humorous purposes or whether the transaction actually took place. In particular, the phrase “This is you” accompanying the screenshot suggests that it may have been shared as a joke or to add seriousness to the situation.
Major liquidations in the market
In the wake of these surprising developments, the market bore the brunt of the misinformation. Investors reacting to the fake Bitcoin ETF approval found themselves on a rollercoaster ride as Bitcoin prices rose. However, after the news was debunked, they fell flat on their nose. This price fluctuation triggered a series of liquidations. As we stated as Kriptokoin.com, $110 million was deleted from the market.
In this unfolding drama, the cryptocurrency market’s natural sensitivity to news and speculation was once again evident. On the other hand, it underlines the importance of accurate information, as in the Bitcoin ETF example. This incident stands as a cautionary tale about the potential consequences of reacting to unconfirmed news in the crypto space.
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