Cointelegraph’s Misstep and the Ensuing Chaos: A Deep Dive into the Recent Bitcoin Price Volatility
In today’s world, news travels super fast. And sometimes, wrong news can cause a lot of trouble. That’s what happened when Cointelegraph, a big name in crypto news, made a mistake.
They said a Bitcoin ETF got the green light from the government. This made Bitcoin’s price go way up, but then it fell down when people found out the news was fake. Let’s dig into what really happened.
Bitcoin Pumped and Dumped with False Report
Imagine you’re just chilling, and suddenly, you see Bitcoin’s price going up like a rocket. That’s what happened. It went from $27,900 to a jaw-dropping $30,000 in no time.
Why? Because Cointelegraph said that the U.S. government agency called the SEC said “Yes” to a special Bitcoin fund by BlackRock. This got everyone excited. Even other digital coins like Ethereum got a price boost.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.— Cointelegraph (@Cointelegraph) October 16, 2023
An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…
After all ETF news is a big deal in the world of finance especially in the cryptocurrency market. ETF is like a basket of stocks or assets that you can buy or sell on a stock exchange.
So, people started buying Bitcoin like crazy. Social media was buzzing. Everyone thought this was the big moment for Bitcoin to become even more legit. But hold on, not so fast!
The happiness didn’t last long. Some smart people started asking questions. They checked if the news was real. Guess what? It wasn’t. BlackRock, the company behind the special Bitcoin fund, said, “Nope, it’s not true.” So, what happened next?
Bitcoin’s price fell down to $28,000. And get this, almost $100 million got wiped out in just one hour.
People were shocked. Some lost money. Others were just confused. It was a mess. And it showed how one piece of wrong news could shake up the whole crypto world.
Cointelegraph was quick to issue an apology, acknowledging the mistake and its impact on the crypto community so they said sorry pretty quickly.
They told everyone that they messed up and that they’re really sorry for any trouble they caused. They also said they didn’t follow their own rules for checking news before sharing it. Now, they’re looking at how to make sure this never happens again.
UPDATE: Dear community, we hold ourselves to high journalistic standards and consider it important to address the mistakes we make with full transparency. Here is what happened today regarding the tweet about the BlackRock Bitcoin ETF: https://t.co/JMIMaxXUG0— Cointelegraph (@Cointelegraph) October 16, 2023
They’re talking to everyone on their team to figure out what went wrong. They know they have a big responsibility to give out correct news, especially because so many people listen to them.
This whole thing teaches us a lot. First, the crypto market can go up and down super fast just because of news. Second, if you’re giving out news, you better make sure it’s right.
This event is like a big, red warning sign. It tells us that we all need to be careful. News platforms need to double-check their facts. And people who invest in crypto should always think twice before making big moves.
So, what did we learn? News is powerful. The crypto market is like a rollercoaster. And being careful is super important. This event will be talked about for a long time. It’s a lesson for everyone: be careful, double-check, and don’t jump to conclusions.
This kind of news usually makes the price of Bitcoin go up because more people want to buy it. But it’s super important to make sure the news is true, or else the price can go up and down really fast, just like what happened recently with Cointelegraph’s false report.
See you in the next important news!