Wipe Out — Fake SEC Approval Report Erases $71M in Bitcoin Short Positions

In the aftermath of fabricated quality asserting the U.S. Securities and Exchange Commission (SEC) green-lit Blackrock’s Ishares spot bitcoin exchange-traded fund, abbreviated positions worthy $78.92 cardinal were cleared out. This sum represented 57% of the wide $136.29 cardinal successful abbreviated positions erased successful the past 24 hours.

Misleading Report connected SEC Decision Shakes Bitcoin Market, Erasing Millions successful Short Bets

On Monday, the crypto-focused media outlet Cointelegraph disseminated mendacious information via societal media level X and its Telegram channel, triggering a much than 10% spike successful bitcoin (BTC) worth against the U.S. dollar.

The integer currency concisely touched $29,900 per coin earlier plunging to $28,100 per portion erstwhile the quality was debunked. Cointelegraph, contempt issuing an apology, was excessively precocious to forestall the marketplace upheaval that resulted successful the obliteration of $78.92 cardinal worthy of abbreviated positions.

Data from Coinglass reveals that successful the past 4 hours, BTC abbreviated positions accounted for $71.36 cardinal of the liquidated shorts. Around $2.49 cardinal successful Solana (SOL) abbreviated positions were besides liquidated, among others.

The $78.92 cardinal represented a staggering 57% of the day’s full abbreviated positions liquidated successful the past 24 hours. In the aforesaid four-hour timeframe, agelong positions successful Ethereum (ETH) exceeding $18 cardinal were besides liquidated.

Following the vulnerability of the counterfeit news, abbreviated positions connected Bitfinex dropped drastically. Concurrently, agelong positions connected Bitfinex saw a surge earlier the mendacious quality was confirmed, but person since declined.

The fallacious quality lawsuit led to a important fig of traders being liquidated, perchance deflating the speculation surrounding the existent decision. The astir important liquidations came from BTC, ETH, XRP, BNB, and SOL.

What bash you deliberation astir each the abbreviated traders who were wiped retired implicit the fake news? Share your thoughts and opinions astir this taxable successful the comments conception below.