Sudden spike in Bitcoin price on Monday as fake spot Bitcoin ETF approval news<\/a> surfaced has continued to baffle the crypto community. Bitcoin\u2019s whirlwind featured an abrupt surge to $30,000, triggered by rumors of the SEC approving Blackrock\u2019s iShares Bitcoin spot ETF. However, this excitement quickly turned to disappointment<\/a> as Blackrock denied the claims, sending Bitcoin plummeting back to $28,100 in minutes.<\/p>\n The incident, resulting in a cascade of liquidations across the crypto market, has been met with widespread criticism from experts who firmly believe the ultimate objective was market manipulation for the benefit of a select few.<\/p>\n <\/p>\n Prominent crypto analyst Gareth Soloway weighed in on this situation, describing it as a \u201cpump and dump\u201d during a recording<\/a> on Tuesday. Soloway asserted that such a drastic price movement couldn\u2019t have occurred without someone intentionally spreading false information for personal gain.<\/p>\n \u201cI\u2019m just being honest with you; this stuff doesn\u2019t just materialize out of thin air with no one having some ulterior motive.<\/em>\u201d He emphasized.<\/p>\n<\/blockquote>\n Soloway further expressed his concern over the situation, noting that such events could undermine trust in the crypto space, calling for a regulatory body\u2019s intervention.<\/p>\n <\/p>\n \u201cBottom line, I will say this: yes, the crypto markets need the SEC or some regulatory body that is monitoring the crazy house essentially\u2026There needs to be an investigation by the SEC into this to find out who was placing big bets on Bitcoin.\u201d<\/em> He went on.<\/p>\n<\/blockquote>\n <\/p>\n According to Soloway, when rumors, misinformation or news can lead to significant price fluctuations<\/a>, there\u2019s a call for a regulatory framework to ensure market integrity.<\/p>\n That said, while the \u201cpump and dump\u201d incident had market-wide consequences, Soloway observed that the Bitcoin chart had indicated a positive bias leading up to the events. And despite not providing a clear target he highlighted that the chart provided signals for a potential surge.<\/p>\n That said, CoinTelegraph, the source that initially reported this false information, causing an immediate market response, removed the post and issued an apology. Shortly after the incident, Kristina Lucrezia, the Editor-in-Chief of CoinTelegraph, expressed her regrets at a Dubai event, stating, \u201cThis was a disaster, and it serves as an example of what must not occur.\u201d<\/em><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nIs There A Need for Regulatory Action?<\/strong><\/h2>\n
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Positive Market Signal Amid the Chaos<\/strong><\/h2>\n
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