Original - Odaily

Author - Loopy

Just now, BTC completed the shortest bull-bear transition in history.

This sharp drop was so short that the trend can be clearly seen on the 1-minute K-line. In just a few minutes, BTC quickly emerged from multiple positive lines, and its rise became increasingly fierce. OKX market data shows that BTC reached a maximum of $30,535.

(The abscissa of the picture is the time of East 7th District)

In just 10 minutes, BTC quickly broke through the $30,000 mark from less than $28,000, with an increase of 8.9% in 10 minutes.

But after peaking, prices quickly took a nosedive. The transition between bull and bear is just a snap of a finger.

(The market fluctuates so fast that you can’t even draw the word door)

The cause of all this came from Cointelegraph publishing a fake news on the X platform (formerly Twitter).

What happened in an hour of fake news?

At approximately 9:30 p.m. on October 16, Beijing time, Cointelegraph’s news that “Bitcoin ETF was approved” quickly spread throughout the market.

(“SEC approves BlackRock’s iShares Bitcoin spot ETF”)

Then, Bitcoin immediately began to rise rapidly. The entire market quickly entered a feverish bull market mood.

But the direction of the market does not seem so optimistic. As mentioned before, such heavy good news only allowed the rally to last only a few minutes, and the trend quickly turned around, leaving people confused about the market - just like every Oolong incident, false information cannot support lasting The direction of the market.

Just a few minutes later, people finally discovered that things were changing: Bloomberg ETF analyst James Seyffart posted on the Two sources can support Cointelegraph’s statement.

Odaily also updated this progress as soon as possible.

Odaily checked the iShares official website and social media, but no relevant news was released.

After six minutes of skepticism, conclusive information finally emerged.

Fox reporter Eleanor Terrett on social platformsexpress, BlackRock has just confirmed to Cointelegraph that the U.S. SEC approved BlackRocks iShares Bitcoin Spot ETF previously exclusively released by Cointelegraph is incorrect news, and their application is still under review.

At this point, the fastest bull-bear transition in the history of Bitcoin has officially come to an end. From less than 28,000 US dollars, it quickly rose to more than 2,000 US dollars in ten minutes, and then immediately fell back to the original position. The wallets of contract users are probably the most harmed.

Coinglass data shows that within one hour of the sharp rise and fall, the entire network liquidated $105 million, BTC liquidated at $66.4901 million, ETH liquidated at $17.4036 million, long orders liquidated at $32.0847 million, and short orders liquidated at $73.1142 million.

What does Cointelegraph do?

As an established and well-known media, many traders have no doubts about the news issued by Cointelegraph. It was finally confirmed to be false news, causing many people to lament, Could it be the interns own mistake?

(Netizens made joking speculations about his motives)

After this news was refuted, Cointelegraph re-posted an almost identical tweet about 20 minutes after the incident was fermented (that is, close to 22:00), with only one more word - REPORTEDLY.

“SEC Reportedly Approvals iShares Bitcoin Spot ETF.”

The second tweet only existed for a few minutes, and both ETF-related tweets have since been deleted. In addition, Cointelegraph only published fake news on the X platform and did not publish it on its own website or other channels.

Where does fake news come from?

Bloomberg ETF analyst Eric Balchunas discovered that news about a Bitcoin spot ETF had also appeared on the Benzinga terminal.

Benzinga is a news company specializing in breaking financial news. Its product positioning is highly similar to, and competes with, Bloomberg terminals. Its content sources cover major mainstream financial media and aggregate a large number of third-party news.

Focusing on this ETF incident, the information on the Benzinga terminal shows that the source of this news is Reuters.

But so far, neither Benzinga nor Reuters has provided further explanation for the incident. We still don’t know whether the source of this news is Benzinga, Reuters, or Cointelegraph. Is someone manipulating the market?

In the latest news, Cointelegraph officially stated that it is sorry for the spread of misinformation about BlackRocks Bitcoin spot ETF is approved. The team is currently conducting an internal investigation, which will be completed within 3 hours, and will then share the findings with the public. .

Odaily will also continue to pay attention to the progress of this incident, and subsequent relevant content will continue to be updated in this article.