The cryptocurrency ecosystem witnessed a “pump and dump” after fake news about BlackRock Bitcoin (btc) spot exchange-traded fund (ETF) emerged on October 16.
According to CoinMarketCap (CMC), the global crypto market capitalization hit a two-week high of $1.12 trillion just minutes after Cointelegraph shared the fake news of the iShares BTC ETF approval.
The digital currency market's 24-hour trading volume also hit a local high of around $63 billion. However, after BlackRock officially denied approval of its ETF application, the crypto ecosystem witnessed a sudden and deep decline.
As a result, the global market capitalization soon fell to $1.08 trillion, and the 24-hour market trading volume currently stands at $61 billion.
According to the crypto.news report on October 16, YouTube crypto analyst Crypto Banter called the Cointelegraph fake news “market manipulation.” He added that only a few insider whales knew about the bogus “pump and dump” scheme.
The YouTuber claimed that Cointelegraph could get into serious legal trouble if the outlet does not prove that its report was an error.
According to data provided by Santiment, the social volume of the term “ETF” skyrocketed after the appearance of fake news. According to the market intelligence platform, social activity around the aforementioned term increased by 2,650% in less than 30 minutes.
Furthermore, the bitcoin price It also witnessed a massive increase up to around $30,000. However, BTC has returned to the $28,000 mark.
