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  • Writer's pictureDegen Mag

Bitcoin's Wild Ride: The Blackrock ETF Tweet That Shook the Crypto World

The cryptocurrency world is no stranger to volatility, with prices often experiencing wild swings driven by a multitude of factors. Today, however, Bitcoin embarked on a particularly thrilling roller coaster ride, surging by 7% in a matter of minutes. The catalyst? A single tweet that claimed the SEC had approved BlackRock's Bitcoin ETF. But here's the catch – the news was nothing but a cleverly crafted piece of fiction.

In the age of instant information and social media, a tweet can be as influential as a breaking news headline. When the tweet claiming the SEC's approval of BlackRock's Bitcoin ETF hit the crypto Twittersphere, it sent shockwaves through the market. Thousands of retweets, likes, and comments followed, with traders and enthusiasts alike rallying behind the news.

An account with just below two million true followers from the Web3 community, CoinTelegraph is an infamously known crypto news outlet on Twitter. During the Asian session, CoinTelegraph’s intern tweeted breaking news that the SEC approved ishares for Bitcoin spot ETF. This was huge news for bulls, but little did anyone know that the intern at CoinTelegraph running their Twitter account was to blame for the false surge in price; whilst making a light two million dollars off their tweet.

Yeah, you read that right. Two million dollars. The intern had a fifty thousand dollar wager placed on Rollbit before they tweeted anticipating bullish price action, essentially hoping that Bitcoin would skyrocket on their tweet, which it did. In the process, they managed to liquidate approximately seventy million dollars worth of leveraged positions on Bitcoin. Every chart, setup, and analysis went flying through the window. So what is it that we can take from this?

In summary, the BlackRock ETF tweet incident has illuminated crucial aspects of the cryptocurrency market. Market sentiment took centre stage, exemplifying the substantial impact of sentiment on market behaviour through a 7% rally ignited by a single tweet. The resulting volatility revealed the potential and pitfalls of trading, emphasizing the importance of prudent risk management. This event underscored the need for due diligence in an environment filled with misinformation, while also highlighting the market's responsiveness to regulatory changes. For newcomers, it served as a valuable lesson, emphasizing the significance of careful reactions and

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