Bitcoin Rally on Fake ETF News

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Fake news on Bitcoin ETF, initially posted by Cointelegraph, forced a whale to buy an astounding amount of Bitcoin Futures.

On Monday (Oct.16) Cointelegraph posted a comment claiming that BlackRock’s request for a spot Bitcoin ETF had been accepted by the SEC. This sent Bitcoin flying higher by $1,890 (6.75%) in a span of ten minutes. The sudden surge liquidated eager investors buying the rumor. According to data from Glassnode, in the aftermath of the surge traders observed an increase in liquidations. The tweet was taken down 30 minutes later after being disproven by a Fox News reporter who spoke directly with a BlackRock executive.

Ki Young Ju, co-founder, and CEO of market resource CryptoQuant, highlighted this development on X. Bitcoin’s pump on the back of the false ETF report had catalyzed a high trading activity and short liquidations. Ju confirmed that the market witnessed $42 million in liquidations.

Contrary to initial speculation, this market surge does not qualify as a traditional short squeeze, according to Ju. Though numerous short positions were closed, the forced liquidation of these positions constituted a relatively minor part of the overall trading frenzy.

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Binance Temporarily Halts User Registrations in the UK Amid Regulatory Changes

Binance, a titan in the realm of cryptocurrency exchanges, has temporarily halted registrations for prospective users in the UK. This decision emerged in the wake of the dissolution of a pivotal partnership with a third party responsible for vetting communications under freshly minted local regulations.

As of 5 pm, London time, on the stipulated date, residents of the UK who hadn’t previously registered on Binance’s platform found themselves unable to do so. This action creates a digital blockade for UK-based newcomers, sidelining them from accessing the world’s premier crypto exchange. With Binance’s notable absence from the UK, one of the crypto sphere’s most substantial non-US markets, a potential tussle looms on the horizon as Binance strategizes its re-entry.

As of October 8, the UK’s financial promotional framework broadened its embrace to encapsulate providers of cryptoasset services, a directive that stands irrespective of the provider’s geographical domicile. These revised regulations come with an onus on crypto platforms to exhibit unambiguous risk notifications tailored for UK consumers. Additionally, there’s a call for adherence to augmented technical standards.

Crucially, every communication piece must bear the endorsement of a firm sanctioned by the FCA (Financial Conduct Authority). Entities that overlook these stipulations might find themselves grappling with a myriad of repercussions, ranging from public censures on the FCA’s roster to unlimited monetary penalties and even incarceration.

Ripple Gives First Hint for IPO Preparation

Ripple gave the hint via a recent hiring move. This development comes amid the growing anticipation for the San Francisco-based payment firm going public via an initial public offering. In particular, Ripple has posted a job opening for a Senior Shareholder Communications Manager across multiple locations in and outside the United States.

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According to Ripple’s careers page, the company desires Senior Shareholder Communications Managers from two US cities and London, United Kingdom. The US cities include New York City and Miami, Florida.

The XRP Army sees Ripple’s move to hire a senior shareholder communicator as a significant indicator of the company’s intention to go public through an IPO in the near future, as experts have predicted.