Later price changes series of false tweets Approximately $90 million worth of Bitcoin leaked from U.S. Securities and Exchange Commission (SEC) X account (Bitcoin) Long and short positions will be liquidated, exposing the operational risks associated with the industry.
hacker Caught SEC's X account On Tuesday, it used that to post its approval of the long-awaited Bitcoin exchange-traded fund (ETF) approval decision. Both tweets were then posted as “$BTC” before being quickly deleted.
These tweets instantly caused Bitcoin price to skyrocket from the $46,800 level to $47,680. The tweet was later revealed to be fake, and the stock price fell to $45,400.
However, punters and automated bots were quick to respond to the tweet. In 10 minutes from his first post he opened over $500 million in futures positions. data shows. But as prices soared, highly leveraged positions took a hit, with about $50 million of longs liquidated and $36 million of shorts affected.
Liquidation refers to the forced closing of a trader's leveraged position by an exchange due to the loss of some or all of the trader's initial margin. This occurs when a trader is unable to meet the margin requirements for a leveraged position (does not have enough funds to sustain the trade).
Such data is useful to traders because it serves as a signal that leverage is effectively being washed away from the popular futures product and serves as a short-term indicator of declining price volatility.
Decisions on 13 proposed Bitcoin ETFs expected on Wednesday, Bloomberg analysts say Approval probability is over 90% And the crypto market is betting a relatively small 85%.
Meanwhile, some crypto market participants criticized the SEC's seemingly lax security measures to protect accounts, even questioning how the financial regulator could protect a multi-trillion dollar market if did. Failed to protect social accounts.
