October 16, 2023

Fake "Bitcoin Spot ETF Approval" Rumor Triggers Suspicion of Insider Trading

Following the debunking of the fake news regarding a Bitcoin Spot ETF approval, a peculiar revelation emerged involving a suspicious long position.

Just hours ago, a post from the official Cointelegraph X account claimed that the Bitcoin Spot ETF had received regulatory approval.

Subsequently, both Bloomberg analysts and Fox Business journalists reached out to BlackRock, since the reliability of this website has been questioned on many occasions, who eventually confirmed that the information was entirely false. Cointelegraph promptly amended its original post, adding "according to rumors," and eventually deleted it altogether.

In a final post, Cointelegraph issued an apology and announced that they were launching an internal investigation, promising to release findings within three hours.

However, Rollbit, a cryptocurrency platform, took to X (formerly Twitter) to share a screenshot allegedly depicting a significant long position held by Cointelegraph. The screenshot displayed a position worth $50,000 in bitcoin, initiated at a price of $27,774 and employing 50x leverage. It purportedly concluded with a closure at $30,274, resulting in a staggering profit of $2,250,800.

It remains uncertain whether Rollbit shared this screenshot as a tongue-in-cheek response to the unfolding events or if such a trade had genuinely transpired. However, the usage of the phrase "This you" by Rollbit when presenting the screenshot hints at a potentially humorous tone.

In the aftermath of this news, the cryptocurrency market experienced a cascade of repercussions. In the span of the last couple hours, more then $80 million worth of short positions and $35 million worth of long positions in bitcoin were liquidated, reflecting the turmoil sparked by these developments.

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