Eleanor Terrett of Fox Business Debunks ETF Approval Rumors: Bitcoin at $28,000
The cryptocurrency market is no stranger to wild price swings, and today was no exception. Recent rumors of a spot ETF approval, initially reported by Cointelegraph, sent shockwaves through the digital asset market, causing Bitcoin to soar to a remarkable $30,000 in just one hour.
This sudden and dramatic price surge created both excitement and chaos in the world of cryptocurrencies. The buzz surrounding the ETF approval hinted at the mainstream acceptance and institutional adoption of Bitcoin, which, in turn, sparked a surge in buying sentiment among traders and investors.
However, the euphoria was short-lived, as the unprecedented surge also triggered a series of liquidations, totaling approximately $81 million. Interestingly, the bulk of these liquidations, around $71 million, were linked to short positions, suggesting that a substantial number of traders had not anticipated the positive ETF news.
Short positions are essentially bets that the price of an asset will decrease, and they usually involve borrowing the asset and selling it with the intention of buying it back at a lower price. When Bitcoin’s price started surging, these short sellers were compelled to cover their positions by buying back Bitcoin at higher prices, amplifying the upward momentum.
In the midst of this whirlwind, Eleanor Terrett, a journalist from Fox Business, issued a crucial tweet that brought some clarity to the situation. According to her tweet, BlackRock, a major player in the world of asset management and investments, confirmed that the reports of an ETF approval were, in fact, false. Ms. Terrett stated that BlackRock’s application for a Bitcoin ETF is still under review, debunking the initial rumors that fueled the surge in Bitcoin’s price.
🚨BlackRock has just confirmed to me that this is false. Their application is still under review. https://t.co/XIfIWZ0Ule
— Eleanor Terrett (@EleanorTerrett) October 16, 2023
As of the time of writing this article, Bitcoin has retraced from its peak and was trading at approximately $28,000. This pullback showcases the inherent volatility and unpredictability of the cryptocurrency market. It also emphasizes the importance of verifying information from reliable sources before making investment decisions in the digital asset space.
In conclusion, the crypto market’s recent rollercoaster ride, fueled by ETF approval rumors and subsequent liquidations, serves as a stark reminder of the importance of due diligence and verification of information. While the potential approval of a Bitcoin ETF remains a hot topic, it is essential for investors to remain cautious and well-informed in this ever-evolving and volatile financial landscape. The story continues to unfold, and the crypto community watches with bated breath for the next major development.
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