Challenges Ahead for US Economy, Bitcoin Swings, and BlackRock's Positive BTC Remark
Too Long; Didn't ReadOn Monday, Bitcoin's price experienced a rapid surge to $30,000 following a false report from the Cointelegraph claiming that the SEC had approved BlackRock's Bitcoin Spot ETF.
The wild price swings up and the subsequent retraction resulted in the liquidation of over $70 million worth of short positions during the price increase. Additionally, when the price later corrected, approximately $31 million in long positions were liquidated.
While the ETF news turned out to be a fad what was really exciting for this week was Blackrock’s CEO, Larry Fink, making remarks that the increased interest in BTC lately could be seen as a “flight to quality” driven by current geopolitical tension.