$65,000,000 Liquidated Within Minutes as Bitcoin Price Spike on Fake ETF Approval Reports Proves Short-Lived

The bitcoin market saw a wave of $65 million in liquidations today following a brief price spike caused by inaccurate reports that BlackRock’s spot bitcoin ETF received approval from the SEC.

Bitcoin prices jumped over 5% to push above $29,000 after rumors began circulating online that the Securities and Exchange Commission had signed off on a spot bitcoin ETF from BlackRock’s iShares division. However, the excitement proved short-lived as BlackRock later confirmed they had not received any such approval from the SEC.

Bloomberg analyst James Seyffart also said there was nothing to confirm the initial reports, indicating they were fake news. The fabricated story of the ETF approval had made its way across social media and some news outlets, fueling the initial price surge.

Within just 10 minutes, bitcoin prices had retreated back to around $28,000 as the BlackRock denial came to light. Data from Bybt shows around $65 million in bitcoin positions faced liquidation during the volatile episode sparked by the misleading reports.

The incident underscores how susceptible cryptocurrency prices remain to distortions from unverified information spreading online. With the SEC continuing to delay a decision on a spot bitcoin ETF, fraudulent rumors of approvals still appear able to generate occasional price waves until debunked.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency