Bitcoin recently experienced a sharp rise, jumping from $27,900 to $30,000. This sudden increase was due to a misleading tweet that claimed approval of a spot ETF.
Because of this misinformation, over $100 million was liquidated within an hour. However, soon after, Bitcoin's price dropped to $28,000. This fall happened as analysts and reporters expressed doubts about the news.
BlackRock, a major financial institution, clarified to CoinDesk that the report was incorrect. Moreover, a quick check on the SEC website confirmed there's no approval for a bitcoin spot ETF. Bloomberg added that BlackRock's application is still waiting for a decision.
Interestingly, just last week, news came out that the SEC won't challenge a setback in its case against Grayscale. This development has led many to believe that Grayscale's GBTC might have a better chance of transforming into a spot ETF in the future.
CoinGlass data shows that $72 million worth of short positions were liquidated on the move to $30,000 and $31 million in longs were liquidated during the correction.
