Analyst suggests false Bitcoin ETF news was market manipulation
A popular crypto YouTuber known as Crypto Banter recently discussed how potentially fake news around a Bitcoin spot ETF approval caused a pump and dump in the Bitcoin price. In a video posted on Oct. 16th, the host explained that news circulated early in the day that the SEC had approved a Bitcoin spot ETF by BlackRock. This news caused the Bitcoin price to surge dramatically from around $28,500 to briefly over $30,000. However, the host revealed that the news turned out to be fake. BlackRock confirmed they did not have a Bitcoin ETF approved. The original source of the false news, Cointelegraph, later retracted and edited their story. You might also like: BTC prices surges on false rumors of Bitcoin ETF approval The host suggested this was a deliberate attempt at market manipulation . The fake news allowed large Bitcoin shorts to be liquidated when the price spiked suddenly. It also drew in new buyers who believed the ETF news was real. After the truth came out, the ...