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

In the wake of fabricated information asserting the U.S. Securities and Exchange Commission (SEC) green-lit Blackrock’s Ishares spot bitcoin exchange-traded fund, brief positions price $78.92 million had been cleared out. This sum represented 57% of the general $136.29 million briefly positions erased within the final 24 hours.

Misleading Report on SEC Decision Shakes Bitcoin Market, Erasing Millions in Short Bets

On Monday, the crypto-focused media outlet Cointelegraph disseminated false information through social media platform X and its Telegram channel, triggering a greater than 10% spike in bitcoin (BTC) worth in opposition to the U.S. greenback.

The digital forex briefly touched $29,900 per coin earlier than plunging to $28,100 per unit as soon as the information was debunked. Cointelegraph, regardless of issuing an apology, was too late to forestall the market upheaval that resulted within the obliteration of $78.92 million price of brief positions.

Data from Coinglass reveals that previously 4 hours, BTC brief positions accounted for $71.36 million of the liquidated shorts. Around $2.49 million in Solana (SOL) brief positions had been additionally liquidated, amongst others.

The $78.92 million represented a staggering 57% of the day’s whole brief positions liquidated within the final 24 hours. In the identical four-hour timeframe, lengthy positions in Ethereum (ETH) exceeding $18 million had been additionally liquidated.

Following the publicity of the counterfeit information, brief positions on Bitfinex dropped drastically. Concurrently, lengthy positions on Bitfinex saw a surge earlier than the false information was confirmed, however have since declined.

The fallacious information occasion led to a big variety of merchants being liquidated, probably deflating the hypothesis surrounding the precise determination. The most substantial liquidations got here from BTC, ETH, XRP, BNB, and SOL.

What do you consider all of the brief merchants who had been worn out over the faux information? Share your ideas and opinions about this topic within the feedback part beneath.