Bitcoin experienced a notable surge on Tuesday, October 17, recording a 3.42% increase, marking its most substantial single-day spike in the past two weeks.
The cryptocurrency’s value reached $28,175, witnessing a $971 rise within a 24-hour period.
Despite this surge propelling the price significantly above the $28,000 resistance level, the monthly high for Bitcoin did not hold. Instead, the price exhibited a lengthy upper wick, signaling potential selling pressure.
Analysts suggest that Bitcoin’s price might have briefly spiked to $30,000, triggering positive funding rates following reports of iShares BlackRock ETF approval.
However, the excitement was short-lived as BlackRock clarified that the approval was still pending SEC investigation. This reversal resulted in over $100 million in liquidations, comprising $70 million in short positions and $30 million in long positions.
The situation also led to a substantial increase in social volume related to terms such as “ETF,” “iShares,” and “$30k,” as reported by Santiment.
This market turbulence occurred following a false claim by crypto news publication CoinTelegraph, asserting the approval of a spot BTC ETF. Asset management firm BlackRock, alongside other entities within the crypto community, promptly debunked this information, prompting CoinTelegraph to issue an official apology for the inaccurate report.
