This Week In Crypto (CW42)

Welcome to another edition of our weekly newsletter, where we bring you the latest updates and insights from the world of cryptocurrencies.

As always, we have scoured the internet and our sources to provide you with a brief outlook for the upcoming week and a quick recap of the most noteworthy events from last week.

What a start to the week yesterday. Pure stress, but not only for the markets, but also for me in the company. That’s why there is no news outlook this week. But apart from Fed Chairman Powell’s speech on Thursday, there is not much. But now back to yesterday.

The bitcoin price just pumped and dumped to $30k! The reason is the Fake News about the Bitcoin Spot ETF approval. But what exactly happened? Let’s take a look at it.

🔍 The Unfolding of Events
Yesterday, a headline from Cointelegraph surfaced, claiming that BlackRock’s Bitcoin Spot ETF had received approval. This news, however, was not accompanied by any source or evidence to substantiate the claim.

💥 Market Reaction
In the immediate aftermath, Bitcoin’s price surged to $30,000 USD, and over $1 billion in leverage was wiped from the market. The rapid ascent was as swift as it was unexpected.

📈 The Aftermath
ETF experts were quick to question the authenticity of this information, casting doubt and leading to a period of uncertainty that lasted for several minutes. The market was volatile, with prices swinging wildly as investors and traders sought clarity.

🎯 The Clarification
BlackRock, in response, confirmed that the news was indeed false. Their Bitcoin Spot ETF application is still under review, and no approval has been granted yet. This revelation saw Bitcoin retract its gains, returning to the levels before the fake news spread.

🤔 Lingering Questions
This incident raises several questions and concerns. Was this a coordinated attack? Could it be that Cointelegraph’s account was compromised, or was this a case of market manipulation? Alternatively, could this simply have been an unfortunate coincidence? What do you think?

That’s a wrap for this week’s crypto rendezvous! Remember, the world of crypto never sleeps, and neither do we. Stay curious, stay enthusiastic, and keep riding those crypto waves. 🌊

That’s it for this week.

As always, stay curious, stay informed, and stay invested.

Wish you all a good start into the week!