Bitcoin Spot ETF Fake Approval Triggers BTC Spike – CoinTelegraph’s Fake News Following Potential Hack

It seems that the price of Bitcoin exploded following fake news of BTC approval. Scott Melker details that the report came from CoinTelegraph. Check out the latest reports about the developing story below.

Here’s what Melker posted on X:

“Bitcoin Spot ETF Fake Approval

Quick thoughts:

1. Someone hacked CoinTelegraph and posted the fake news, knowing it would send price flying and then dumping. Easy to make millions on both sides of this trade. Manipulation. Not great in the eyes of regulators.

2. CoinTelegraph made a mistake or was hacked, it was then picked up by Benzinga, then Reuters via Benzinga then hit Bloomberg terminals. Disaster in the way that news is vetted. THE NEWS WAS ON A BLOOMBERG TERMINAL!

3. CoinTelegraph simply made a mistake and screwed everyone.

4. The ETF will actually be approved, and someone leaked the news and was able to make a ton of money by trading the volatility and front running. This seems unlikely, considering the way the SEC has handled the spot ETFs so deliberately.

There are more scenarios, none are great… unless we are about to see a real approval.”

An interesting lesson, so far, is that the price pumped on the news, but once the OI was flushed, it actually stayed a fair bit higher.

Also, news clearly leaked before the fake report. Price went up before the fake news?! Sounds like their may be more than meets the eye on…

— Ricky Bobbyy (@fourthesauri) October 16, 2023

Here’s the message from the online publication:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.

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…

— Cointelegraph (@Cointelegraph) October 16, 2023

David Duong, head of institutional research at Coinbase, has conducted a new analysis that suggests the impact of a potential regulatory approval for a US-based spot Bitcoin (BTC) exchange-traded fund (ETF) has already been “partially priced in” for the top cryptocurrency.

The performance of Bitcoin and the altcoin market has been diverging, indicating that market participants are already anticipating the approval of one or more BTC ETFs.

However, Duong believes that Bitcoin may not experience as much of a surge as traders expect it to when a spot-based ETF is approved, as the highly anticipated event is already partially priced in.

Check out our previous article in order to learn more details about this.