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How One False Viral Tweet Cost Bitcoin Investors $84 Million in Minutes
On Monday, a post on X from cryptocurrency news outlet Cointelegraph elated investors: regulators had approved major asset manager BlackRock’s Bitcoin exchange-traded fund (ETF), an investment product that tracks the price of the original crypto token. Cointelegraph has nearly 2 million followers on X. The price of Bitcoin instantly spiked by 7 percent to $30,000 after its post went live. Investors who had shorted the price—essentially, betting it would go down instead of up—were liquidated to the tune of $84 million across numerous exchanges, according to data from trading analytics platform CoinGlass. There ... (full story)