SEC's Hacked Tweet On Bitcoin ETFs Causes Massive Trader Losses, Over $220M Liquidated
Portfolio Pulse from Murtuza Merchant
A hacked tweet from the SEC about fake Bitcoin ETF approvals caused a market surge and subsequent crash, leading to over $220 million in liquidations. Long-position holders in Bitcoin suffered the most, with $133.5 million liquidated. The incident is the second-largest liquidation event of the year, affecting over 70,000 traders. ByBit, Binance, and OKX experienced significant liquidations. The event has raised concerns about the centralization of crypto and its deviation from its original purpose.
January 10, 2024 | 1:34 pm
News sentiment analysis
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The hacked SEC tweet falsely announcing Bitcoin ETF approvals led to a sharp increase and then a crash in Bitcoin's price, causing significant losses for long-position holders.
The news directly pertains to Bitcoin's market price and investor sentiment. The sharp price movements and substantial liquidations indicate a negative short-term impact on Bitcoin's price stability. The confidence score reflects the direct correlation between the fake news and the market reaction, although the long-term impact may be less predictable.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100