October 17, 2023 at 06:23 AM GST 2 mins read News
  • Cointelegraph’s misinformation on Bitcoin spot ETF approval sends Bitcoin’s price on a rollercoaster.
  • The outlet attributes the error to an unverified screenshot from an alleged Bloomberg Terminal.
  • Speculations rise on the involvement of a “USA whale” in the subsequent market turmoil.

Recent developments in the crypto world saw Bitcoin’s price soar and then dramatically dip following a report from Cointelegraph regarding the approval of a Bitcoin spot ETF. This turbulence has fueled speculations surrounding the involvement of a significant market player, dubbed the “USA whale.”

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Cointelegraph was quick to provide clarification on the misstep. In a statement, they acknowledged that the rush to report the latest happenings inadvertently led to the oversight. The story’s genesis was an unconfirmed screenshot posted by a user, which they claimed was sourced from the Bloomberg Terminal. Without the necessary checks and verifications, the article went live, misleading the crypto community and triggering market fluctuations.

While Cointelegraph’s misjudgment and subsequent retraction are clear, the swiftness of Bitcoin’s price movement post-publication has raised eyebrows. The rapid price change has led many to speculate the possible involvement of influential entities in the crypto sphere, specifically pointing to the so-called “USA whale.”

While the whale’s identity and any potential involvement remain speculative, the incident highlights the fragile nature of the crypto market and the immense influence certain players can exert. As the crypto community demands transparency, it’s imperative for news outlets to ensure the accuracy of their reports and for investors to be vigilant and discerning.

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