

If you were wondering why the price of Bitcoin surged higher, rising by over 6% and reaching $29,364 at one point, it was due to a tweet from Cointelegraph that claimed the BlackRock Bitcoin ETF had been approved by the SEC. The ETF had not been approved, and Cointelegraph promptly deleted the tweet. However, with over 1.9 million Twitter followers, it was too late, and the news spread like wildfire, causing the price of Bitcoin to surge. Cointelegraph has since issued an apology and stated that they are conducting an internal investigation to determine who posted the tweet.
Many traders did not believe that the spot Bitcoin ETF would be approved and were shorting the market. As a result, many of them got liquidated due to the news, resulting in significant losses for these traders. The cryptocurrency trading industry is a highly competitive and sometimes unscrupulous business. The ongoing trial of FTX's SBF and Caroline Ellison is shedding light on how exchanges can engage in nefarious activities, such as deliberately manipulating the price by dumping customers' Bitcoin to liquidate users with long positions on their platform. There have been many rumors suggesting that even the largest crypto exchange, Binance, may have traded against its own users.
Considering the shady practices of some exchanges and the substantial amount of money at stake, it's hard to believe that the Cointelegraph tweet was a mere accident. It's more likely that it was a case of market manipulation, where they may have been influenced by an exchange or someone placing significant long trades, resulting in millions of dollars in profits. I want to emphasize that getting rich by trading in cryptocurrencies is a not practical, especially if you're not on the inside. Many exchanges appear to be more interested in taking your Bitcoin than in protecting your interests. The best plan action is to buy Bitcoin from a non-exchange source like Swan Bitcoin or Strike and store it in cold storage for a rainy day when you may need to cash your insurance policy.
Today’s letter is brought to you by Bitcoin Capitalist Mining!
Begin Bitcoin Mining in Paraguay Today: Get started with no minimum order!
Effortless Setup: Enjoy a white-glove experience where we purchase the machine and place it in our secure mining facility for you.
Low-Cost Hosting: Benefit from a competitive $0.06 per kWh hosting fee in our safe and secure facility.