Bitcoin ETF Approval Fake News Leads to $50M Liquidations

Bitcoin Jumps Then Falls to $44.7K as Fake News About Bitcoin Spot ETF Approval Clears $50MThe immediate price reaction showed that bitcoin's price could be limited if royal approval comes, one analyst said.The wild price action liquidated more than $50 million in derivatives trading positions on crypto exchanges in one hour, CoinGlass data shows.Liquidations occur when an exchange forcibly closes a trader's open position using borrowed money due to margin loss.Alex Krüger, co-founder of Asgard Markets, noted that today's developments suggested that Bitcoin might not rally as much as bulls hope when actual news of an approval comes."The fake news about ETFs showed that BTC's upside is clearly limited until we see real ETF inflows," Krüger said in an X post. "It's time for ETH to take over."

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