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Crypto Week: The X Message for $97 M, Ferrari Joins Crypto World

Bitcoin is adding 4.1% to $28,250 since the beginning of the week. Its prices have rolled back from the $30,400 per coin on the “fake” news of approval of the first spot Bitcoin-ETF for BlackRock by the SEC.

A short message on social media platform X (former Twitter) appeared in the Cointelegraph account: “SEC APROVES ISHARES BITCOIN SPOT ETF- BBG”. This short message was a groundbreaking news for just 10 minutes when it was denied by BlacRock. Later in 40 minutes other Cointelegraph employee removed the message. Bitcoin prices lost their 9% gains by then.

Cointelegraph apologized and clarified that the message was reposted from the account that was later deleted prior editorial approval. The user of this deleted account claimed it was from the Bloomberg Terminal. Cointelegraph reached out to BlackRock and the Bloomberg Terminal and removed the post. But, it was simply too late as the news led to a liquidation of $97 million of short positions on Bitcoin. The Cointelegraph employee who posted the “fake” news was unfortunate. It was very easy to be deceived by such news as the period of appeal on Grayscale trial has expired on October 14. This mean that SEC has no more legal claims to Grayscale Bitcoin-ETF, and it should be approved. Thus, the news that SEC has approved BlackRock spot Bitcoin-ETF is quite logical. The Commission could simply decide in favor of the BlackRock giant to pioneer this new type of asset. Grayscale in this case should take a line and wait for the approval by January 2024.

Meanwhile, Bitcoin prices are up by more than 4.1% despite this “fake” news. This may demonstrate that investors have the same logic, as they believe the SEC may be early to approve the first spot Bitcoin-ETF before January 2024. Bitcoin has a resistance at $27,000-29,000 per coin, while the nearest support is far below at $18,000-20,000 per coin. So, long trades on Bitcoin are not justified below $29,000.

Meanwhile, Ferrari will allow to by their cars by paying with crypto. The famous car brand decided that the U.S. market will be the first, where crypto payments will be accepted. The European market will follow. The decision came following requests from Ferrari’s wealthy customers. Even Tesla is not that brave now, although the company had a brief experience of accepting payments for its cars in cryptocurrencies. Anyway, this is a positive sign for the crypto industry.