The cryptocurrency market has been under the influence of fake news once again in recent days, which has increased volatility in the market and confused investors. The uproar began when several major media outlets reported that BlackRock was looking to launch an XRP ETF.
In addition to media outlets, Bloomberg’s senior ETF analyst Eric Balchunas also drew attention to the claim and ensured further publicity of the claim. The circulating claim created excitement among market participants.
Koinfinans.com As we reported, the news quickly spread throughout the cryptocurrency community, and the value of XRP increased by up to 12% in a short time following this news.
But less than an hour later, it was revealed that BlackRock had made no such application. balchunas new in your post He noted that a BlackRock spokesperson confirmed that they never applied for an XRP ETF.
The enthusiasm quickly turned to disappointment, and the recent upswing was short-lived. The sudden rise and fall resulted in increased liquidations as market participants on both sides suffered losses. There was a total liquidation of $6.4 million in the XRP market: $4.1 million in long position liquidations and $2.3 million in short position liquidations. Interestingly, 70% of the $4.51 million liquidations in the last 24 hours occurred within four hours of the BlackRock XRP ETF fake report.
on the other hand It is worth noting that BlackRock is still silent on the issue, no official statement has been made yet. For this reason, some community members continue to believe that the XRP ETF application is real.
This incident shows that crypto asset markets are still very open to manipulation and speculation. It is an important lesson for investors not to react to sudden price changes before verifying their information sources, to make efforts to verify the news they hear, and to make investment decisions based on information received from reliable sources. The cryptocurrency market appears to be an area that is still developing and needs to be managed carefully.
You can follow the current price movement here.
Source : the crypto basic