This is a piece of fake news that will go down in history.
BTC completed the shortest “bull-bear conversion” in history.
The market fluctuates extremely violently, especially in a very short period of time, the trend on the 1-minute K-line becomes very obvious.
In just a few minutes, the price of Bitcoin (BTC) rose rapidly, forming a series of positive candlesticks, and the rise became more and more rapid.
According to OKX market data, the price of BTC once soared to $30,535. Impressively, in just 10 minutes, BTC quickly broke through the key resistance level of $30,000 from less than $28,000, an increase of 8.9%.
However, right after reaching this high, prices fell sharply. The market situation changed drastically and the bull market was short-lived.
The market fluctuates so fast that it is even impossible to draw the word "gate".
The root cause of this violent volatility was the release of a fake news story, which was published by Cointelegraph on the social media platform.
At about 9:30 pm Beijing time on October 16, 2023, Cointelegraph published a fake news about "Bitcoin ETF approved". This fake news spread throughout the market in just one hour, sparking an extremely enthusiastic bull market sentiment.
However, the actual situation in the market is not so optimistic. Although the good news caused Bitcoin to rise rapidly, this rise only lasted for a few minutes, and then the price quickly fell back, which was confusing. Just like the previous "oolong" incidents, false information cannot sustain the long-term rise of the market.
Just a few minutes later, people began to doubt the authenticity of the news. James Seyffart, an ETF analyst at Bloomberg, published an article on the X platform stating that Cointelegraph's report on "SEC Approval of Bitcoin ETF" seemed to be fake news, and there was no other source to confirm this statement except Cointelegraph. Within just 6 minutes after the doubts appeared, the truth finally surfaced.
Fox reporter Eleanor Terrett said on social media that BlackRock had just confirmed to her that the "US SEC approved BlackRock's iShares Bitcoin Spot ETF" previously released by Cointelegraph was false information and their application was still under review. #BTC #link #lightningnetwork #xrp #lbry $BTC $ETH
