Re: Misleading Report on SEC Decision Shakes Bitcoin Market
On Monday, the crypto-focused media outlet Cointelegraph disseminated false information via social media platform X and its Telegram channel, triggering a more than 10% spike in bitcoin (BTC) value against the U.S. dollar.
The digital currency briefly touched $29,900 per coin before plunging to $28,100 per unit once the news was debunked. Cointelegraph, despite issuing an apology, was too late to prevent the market upheaval that resulted in the obliteration of $78.92 million worth of short positions.source
Disseminating fake news like this has a significant impact on the market, and it does not always end well. Cointelegraph made a significant mistake here, but it was too late for the market not to react to the news before it was debunked. I believe there is already an investigation underway to determine the true cause of this news and what happened to have circulated this news by one of their news publishers. This is an interesting example as well as an expectation to show how the market will react to similar news in the future.