Aibit Research Institute Market Analysis | BTC Soars and Retreats for False News
As of the time of writing, BTC is currently priced at $28,221.1, with a 24-hour increase of 3.70%. Bitcoin experienced a significant surge to $30,213.7 last night due to false information regarding the approval of the Belate ETF. Subsequently, as the information was debunked, the price saw a sharp retreat, resulting in a long upper wick on the candlestick chart. From a technical standpoint, Bitcoin’s daily MACD has generated a bullish crossover signal, beginning an increase in positive momentum. The KDJ indicator shows all three lines in a bullish crossover pattern. Furthermore, the daily candlestick has moved above the MA120 moving average, indicating a generally bullish trend. However, given the extended upper wick, without the stimulus of another positive announcement, it is unlikely that the bulls will continue their advance without a temporary pullback. In the short term, a retracement is expected with support around $28,000 and resistance near $28,600.
On October 16th, local time, BlackRock CEO Larry Fink made remarks during FOX’s “Claman Countdown” program, stating, “I cannot discuss any specific details; I think this is just an example of the potential interest in cryptocurrencies. We are listening to voices from clients worldwide, and their demand for cryptocurrencies is high.” He declined to comment on the status of BlackRock’s iShares Bitcoin Spot ETF application. Following the erroneous report by Cointelegraph, Bitcoin’s price surged nearly 10%, only to retrace to around $28,000. He added, “Today’s gains far exceeded the scope of rumors — I believe today’s increase is because people are seeking quality, considering issues like the Israel war, global terrorism, and more. I think more people are looking for quality and store of value, and in that context, both gold and cryptocurrencies serve a similar role.”
Cryptocurrency influencer Autism Capital responded on X platform to Cointelegraph’s Editor-in-Chief Kristina Lucrezia regarding the earlier false report of the “Approval of BlackRock’s iShares Bitcoin Spot ETF.” In the video, Lucrezia stated, “This is not a problem of journalism; this is a problem of society and social media. Here, if you’re not the first, you’re the last. This is what happens when Cointelegraph is under constant pressure to break every story first.” The prior report stated that Cointelegraph conducted an internal investigation into the false news and revealed that the origin of the news was an unverified screenshot posted by a user on X (formerly Twitter), claiming it was from Bloomberg Terminal. The Cointelegraph editorial team initially received an alert about this false news on their Telegram channel. To expedite the reporting of the situation, an employee posted the report on X without prior confirmation of the source’s authenticity. Cointelegraph stated, “This violated Cointelegraph’s social media processes. In those processes, source verification and editorial approval are required before posting,” and subsequently, Cointelegraph contacted BlackRock and Bloomberg Terminal and removed the post. Cointelegraph expressed that to prevent such occurrences in the future, they are conducting a thorough review and audit of their social media management process, especially the process of verifying breaking news before posting. Discussions are taking place with all relevant staff, and any necessary structural changes will be made. Cointelegraph is committed to learning from these mistakes and upholding the highest standards of journalism.
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