In today’s digital age, a single rumor around Bitcoin can spread instantly and shake up the global market in the blink of an eye. Recently, this reality was starkly demonstrated when misinformation caused a dizzying spike in the price of bitcoin, followed by an equally steep fall. So what is the real story behind this sudden volatility?
A tweet with dizzying consequences
The power of a tweet is sometimes underestimated. Particularly when it comes from a source considered reliable.
Cointelegraph, a renowned media outlet in the crypto ecosystem with its 1.9 million subscribers on the X platform (formerly Twitter), published an explosive message: the approval of a Bitcoin ETF by the giant BlackRock. You will have understood: This absolutely does not concern Grayscale’s victory in the SEC.
In just a few minutes, this announcement propelled the price of bitcoin from $27,900 to $29,400, an increase of more than 5%.
But the excitement was short-lived. Eleanor Terrett, Fox News reporter, quickly denied this information, indicating that BlackRock had never confirmed such an approval.
Suspicions of Behind-the-Scenes Manipulation Around Bitcoin
While the world was amazed at the erratic movements of bitcoin, another story was brewing behind the scenes.
In fact, an individual would have bet 50,000 dollars on the RollBIT exchangebetting on a rise in bitcoin, just 5 minutes before the false news was broadcast.
This audacious bet allowed him to reap an astronomical gain of $2.25 million.
Coincidence or set-up? The timing is troubling, especially when we know that this pump and dump has liquidated $100 million in short positions. Suspicions of insider trading are therefore more than justified.
The lesson to be learned: Vigilance and responsibility
The dissemination of erroneous information is not a trivial act, especially in an area as volatile as bitcoin. So who to blame? Cointelegraph, undoubtedly the victim of a hack, quickly presented his excuses and launched an investigation.
However, the media which took up the information without verifying it bear a heavy share of responsibility. In this digital universe, the speed of information must never take precedence over its verifiability. As the saying goes: “You have to turn your finger over the keyboard seven times before posting news. »
The bitcoin affair and BlackRock’s fake ETF endorsement is a stark reminder of the importance of journalistic rigor and investor caution. In a world where every tweet can shake up markets, verifying information is more crucial than ever.
This saga also recalls the importance for players in the Bitcoin sector to remain vigilant in the face of potential manipulation. After all, trust is a precious commodity, especially in the digital world. This unfounded rumor does not slow down the strong rise that is looming on the horizon.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new servicedaily and weekly so you don’t miss anything of the Tremplin.io essentials!