Wednesday, May 29, 2024

On Monday, Bitcoin Cash experienced a significant surge, spiking by up to 14% during the day’s trading session. This increase was propelled by a misleading tweet from Cointelegraph, which incorrectly stated that Blackrock’s Bitcoin ETF had received approval from the U.S. Securities and Exchange Commission (SEC). The company has since issued an apology and retracted the inaccurate information. Concurrently, Solana also reached a multi-week peak influenced by this news.

Bitcoin Cash (BCH)

Entering Monday’s trading session already on an upward trajectory, Bitcoin Cash witnessed an additional surge of up to 14% after Cointelegraph erroneously reported that the SEC had approved Blackrock’s Bitcoin ETF.

The erroneous tweet has since been deleted, and an official apology has been disseminated by Cointelegraph for the misinformation.

Following this development, the BCH/USD trading pair reached a high of $242.77. However, it has subsequently corrected and is presently trading at $229.43.

BCH/USD – Daily Chart

Although it has pulled back from its earlier peak, the cryptocurrency is still up by more than 8% compared to its Sunday low of $213.10.

One driving factor behind this ascent was a significant move on the 14-day Relative Strength Index (RSI), where the price strength exceeded the threshold at the 55.00 mark. At the time of this writing, it is currently registering at 56.44.

Solana (SOL)

Starting the week near the $25.00 mark, Solana’s price surged to a 14-day high, propelled by the same news that influenced Bitcoin Cash.

From a low of $21.71 on Sunday, the SOL/USD trading pair catapulted to an earlier peak of $24.41 during Monday’s session.

Although this marked the cryptocurrency’s highest valuation since October 2, the momentum has since waned, with the price now hovering around $23.34.

SOL/USD – Daily Chart

Similarly to Bitcoin Cash, Solana’s price was also boosted by a movement beyond a resistance zone, serving as a trigger point for bullish market participants.

The index is presently standing at 61.79, following a substantial jump past the earlier resistance level at 60.00.


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Does today’s incorrect tweet affect traders’ perception of unconfirmed reports? Share your insights in the comment section below.

Frequently Asked Questions (FAQs) about Cointelegraph’s Erroneous Tweet Impact

What cryptocurrencies are primarily discussed in this article?

The article primarily discusses Bitcoin Cash (BCH) and Solana (SOL), focusing on their significant price gains.

What was the main trigger for the price movements of Bitcoin Cash and Solana?

The main trigger was an erroneous tweet by Cointelegraph, which falsely claimed that Blackrock’s Bitcoin ETF had been approved by the U.S. Securities and Exchange Commission (SEC).

Has Cointelegraph issued an apology for the misinformation?

Yes, Cointelegraph has since removed the misleading tweet and issued an official apology for the inaccurate information.

What specific market indicators are mentioned in the article?

The article mentions the 14-day Relative Strength Index (RSI) for both Bitcoin Cash and Solana as key market indicators that moved significantly.

How did the BCH/USD and SOL/USD trading pairs perform?

BCH/USD reached a peak of $242.77 but later corrected to $229.43. SOL/USD hit a high of $24.41 and then pulled back to $23.34.

Does the article invite reader engagement?

Yes, the article ends by encouraging readers to share their thoughts on how such misleading information may affect traders’ perception of unconfirmed reports.

What additional content is offered to readers?

The article offers readers the option to sign up for a weekly technical analysis report, providing a summary of the week’s most impactful cryptocurrency news.

More about Cointelegraph’s Erroneous Tweet Impact

  • Cointelegraph’s Official Apology
  • U.S. Securities and Exchange Commission (SEC)
  • Blackrock’s Official Statement
  • Bitcoin Cash Market Data
  • Solana Market Data
  • Explanation of 14-day Relative Strength Index (RSI)
  • Weekly Technical Analysis Sign-up Page
  • Historical Price Data for BCH/USD
  • Historical Price Data for SOL/USD

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6 comments

CryptoQueen October 17, 2023 - 12:20 pm

Cointelegraph really needs to up their game. false information can be pretty damaging to investors who act on it. SEC approval is no joke.

Reply
SimpleInvestor October 17, 2023 - 1:54 pm

Really insightful, thanks for breaking down the numbers and market indicators, helps a newbie like me to understand whats happening.

Reply
JohnDoe21 October 17, 2023 - 5:41 pm

Wow, goes to show how much impact a single tweet can have on the market! crazy how both BCH and SOL spiked cuz of wrong info.

Reply
Mike_in_Finance October 17, 2023 - 5:52 pm

Great analysis, but im a bit disappointed that the market can be this volatile due to just a tweet. Makes ya think, right?

Reply
DayTrader101 October 17, 2023 - 7:43 pm

BCH and Sol both got my attention now. This kinda movement often shows more than just a one-day thing. gonna keep my eyes peeled.

Reply
Sarah_MktWatch October 17, 2023 - 7:56 pm

Cointelegraph messed up, but it looks like both currencies were poised for a breakout anyways. The tweet just accelerated it maybe?

Reply

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