Over US$57 million worth of Bitcoin long positions have been liquidated in the 24 hours leading up to 2:40 p.m. in Hong Kong after a post on X (formerly Twitter) falsely claimed that the Securities and Exchange Commission (SEC) approved BlackRock’s spot exchange-traded fund (ETF).
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Fast Facts
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While the false post was deleted in less than 30 minutes, it was mistakenly reported as fact by crypto news outlet Cointelegraph, sparking a flurry of trading.
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The US$57.15 million worth of total long position liquidations included US$13.6 million in the first hour alone, according to crypto futures market data provider Coinglass.
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The fake post initially boosted Bitcoin’s price to a two-month high of US$29,388, with US$52.63 million worth of short positions liquidated in the hour leading up to 9:00 p.m. in Hong Kong Monday.
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Many believe that SEC approval of a spot Bitcoin ETF for the U.S. will be a watershed moment for crypto, as it would theoretically open the door for an influx of institutional investment into the industry.
See related article: BlackRock shares go digital on JPMorgan’s Onyx blockchain
