Crypto Whale Loses $49K In 10 Minutes After Bitcoin ETF Rumor Pumps Price To $30K
Portfolio Pulse from Mehab Qureshi
Bitcoin's price surged to $30,000 on certain exchanges due to false reports that the SEC had approved BlackRock’s iShares Bitcoin ETF. The fake news led a large-scale investor to buy 20.5 Wrapped Bitcoin with 613,201 USD Coin, only to sell it for 563,970 USDC after realizing the news was fake, resulting in a loss of $49,231 in 10 minutes. BlackRock clarified that the iShares Bitcoin ETP application is still under review by the SEC.
October 17, 2023 | 10:48 am
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NEUTRAL IMPACT
BlackRock's iShares Bitcoin ETF application is still under review by the SEC, contrary to false reports that led to a surge in Bitcoin's price.
The false reports about the SEC's approval of BlackRock's iShares Bitcoin ETF led to a surge in Bitcoin's price. However, BlackRock clarified that the application is still under review, which could lead to uncertainty among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Bitcoin's price surged to $30,000 due to false reports about the SEC's approval of BlackRock’s iShares Bitcoin ETF, leading to a large-scale investor losing $49,231.
The false reports led to a surge in Bitcoin's price, but the subsequent clarification from BlackRock could lead to volatility in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100