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False news pumped bitcoin price above $30,000: What happened?

The recent dramatic rise in the price of Bitcoin (BTC) to over $30,000, followed by a quick drop, has stirred up the cryptocurrency world. Behind this rollercoaster ride was a false news report that quickly circulated on one of the most renowned social platforms.

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On Monday, the price of Bitcoin surged above $30,000, which was a significant event in itself. However, it quickly retreated. At present, Bitcoin is trading around the $28,200 mark. Nevertheless, this is still over 4% higher than it was just 24 hours ago.

The mysterious surge in Bitcoin's price was triggered by a report shared by Cointelegraph, one of the most prominent cryptocurrency-focused portals worldwide. The report claimed that the U.S. Securities and Exchange Commission (SEC) had approved a spot Bitcoin ETF from BlackRock iShares.

This information was rapidly shared by cryptocurrency experts and enthusiasts on Twitter, believing it to be true. This sparked a wave of excitement in the market, sending BTC's price soaring.

However, doubts about this news began to surface shortly thereafter. Eric Balchunas, an ETF expert from Bloomberg, demanded the source of this information in his Twitter commentary, which Cointelegraph did not provide. It was shortly confirmed that the news was false. BlackRock had, in fact, confirmed that its request for a spot Bitcoin ETF was still awaiting approval and had not yet been granted.

Cointelegraph quickly removed its tweet and apologized for spreading inaccurate information. The portal explained that an employee had published the report without prior editorial approval based on a false screenshot provided by a reader, who shared a fabricated screenshot from Bloomberg's terminal. The portal acknowledged that it did not follow its usual procedures for verifying news before publication.

On the other hand, it is worth noting that the sharp rise in Bitcoin's price after the dissemination of false news indicates a high level of interest in Bitcoin. The market clearly expresses impatience regarding the launch of a spot Bitcoin ETF. This market testing suggests that if such an ETF is approved, it could have an even more dramatic impact on Bitcoin's price.

This event also highlights the importance of thorough information verification and the risks of rapid dissemination of misinformation in the cryptocurrency world. One thing is certain: Bitcoin and the entire cryptocurrency market remain under close scrutiny, and even minor changes in information can have a significant impact on market behavior.

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