What? The SEC approved BlackRock's Bitcoin spot ETF? How did I feel at that time? Then I drank and saw a bunch of people shouting, which was good for drinking. Not long after, the price fell again, and it was revealed that it was just fake news. That was fine, so I went home to sleep after drinking.
Some people ask how to distinguish fake news, how to find first-hand news, etc., so let's dig into it and see if it's fun or not. First of all, we can notice that the market movement appeared around 21:22:23, and the news and Golden Finance's information release time match perfectly. Wow, it's quite interesting.
Then find the original link of this newsletter from Golden Finance and check the source
I found that the original author had deleted the tweet.
It doesn’t matter. Golden Finance also has a screenshot at 9:21, which is about the same time. Later, it was revealed that the news about the account was fake news, and the identity of the initiator is probably not out of the question.
It can be seen that the information provided by Golden Finance was timely, which accelerated the pace of market fermentation, and a group of people bought it up.
The rumor was debunked at 39 minutes. OK, let's continue looking for the original text.
29 points is the time when the stock price rose to 30,000, and then the market immediately returned to rationality.
It took no more than 7 minutes, beautiful and timely, without any second-hand misjudgment. Everything was so smooth that I couldn't help but start to suspect that someone had contacted the media to manipulate the market. After all, it was too wrong. 40 minutes later, Reuters directly forwarded the fake information.
Do you think this guy is worth paying attention to? If you are interested in ETFs, right? @EricBalchunas
I’ll post my ID here for your convenience. In addition, he is a senior ETF analyst at Bloomberg, so is it worth digging into the various sources related to Bloomberg, the media @Bloomberg? What about Reuters?
@Reuters Are you interested in taking a look? Anyway, I'll talk about everything. It's a mess. Next, let's take a look at the main body of the rumor @Cointelegraph
Let's see if this media outlet has anything to say about its own mistakes.
It's true! See the picture↓ He apologized at 10:30.
https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news Original link ↑↑
I’ll just let GPT summarize it here: The article begins with the Cointelegraph social media team mistakenly publishing unverified news that the BlackRock iShares Spot Bitcoin Exchange Traded Fund (ETF) has been approved by the U.S. Securities and Exchange Commission.
The message originated from an unconfirmed screenshot, which led to Cointelegraph mistakenly publishing it on social media. Although the article containing the wrong information was not published in the end, Cointelegraph expressed deep regret and conducted a thorough audit and review of the social media management process afterwards to ensure that similar situations will not happen again.
When we look at various media, we must ensure verifiability. We also have a detailed timeline in the original text. Let GPT summarize it as follows:
1. 13:17:30 UTC: The editorial team receives a message from the Telegram channel.
2. 13:19:27 UTC: Employee 1 shares the message in the internal Slack channel.
3. 13:24:16 UTC: Employee 2 published the message without verification. 4. 13:48:38 UTC: Reader reported the issue via social media.
5. 13:52:19 UTC: Employee 1 states that the source of the message cannot be found. 6. 13:54:14 UTC: Employee 3 edits the message to state that the information is unconfirmed.
7. 14:03:42 UTC: Cointelegraph contacted BlackRock and Bloomberg Terminal and removed the post.
8. 14:32:23 UTC: After confirming from BlackRock that the report was wrong, Cointelegraph retracted the original tweet and clarified the supporting evidence. We can restore the full picture of the incident.
This media was in a hurry to report an exclusive news story. I don't know where the gossip came from, but it was published without verification.
We don't know if it's insider manipulation.
Finally, let’s talk about the issue of fake news itself and issues related to the source of information. The financial circle is very sensitive to news because the timeliness of the news means being one step ahead of others, and doing it right means making money, which is too direct.
Many people see the N-hand news coming out and still rush in blindly, and they are likely to end up being the one taking the blame, so many friends think they need to dig out the source!
The logic is correct, but the more you dig into the source of information, the higher the cost. Top-level information is in the top circles, and it takes a lot of resources to get in. The question is, once you get the information, can you use it? Not necessarily.
Building an information port is not a one-day job, and it is best to build it yourself.
My suggestion is that after each big news event, you should carefully review the process, gradually accumulate sources, and make your information environment cleaner. For example, you can block media accounts that only release emotions but do not contain any useful information or inspiration.
Regarding the timeliness of information, my suggestion is that you don’t have to grasp the actual effect. If you know it later, the drama may have ended. Can you guess the follow-up? When the event happens, leave yourself enough time to study and bet on the second wave, which is much safer than rushing to follow the crowd.
Postscript: I don’t think the aftermath of events like fake news are all negative. It can focus the public’s attention and also lead everyone to collectively complain, which is not necessarily a good thing. After all, it also adds some vitality to the boring market.