The Prominent Movements: Significant Earnings for BCH, SOL due to Unfounded Tweet from Cointelegraph
On Monday, Bitcoin Cash took the the lead in gains, skyrocketing as high as 14% throughout various trading sessions. The rates leaped as a response to a groundless implication from Cointelegraph that Blackrock’s bitcoin ETF had been given a green light by the SEC. An apology was made after the false report was released. Additionally, Solana reached a multi-week apex due to this news.
Bitcoin Cash (BCH)
Early on Monday, Bitcoin Cash had already made notable progress, going as high as 14% in today’s trades due to a misleading tweet by Cointelegraph claiming approval for a Bitcoin ETF from Blackrock by the SEC. The company quickly made up for this blunder by taking down the tweet and releasing a formal acknowledgment and apology.
Following this development, BCH/USD was at a pinnacle of $242.77 but experienced a slight dip to $229.43. Nonetheless, the digital currency currently holds a gain of 8% when compared to Sunday’s low of $213.10.
The favorable performance of Bitcoin Cash can also be credited to a momentous breakthrough on the 14-day relative strength index (RSI), as the price strength went beyond the 55.00 mark, and is currently trending at 56.44.
Starting the week strong, Solana (SOL) nearly hit the $25.00 mark, attaining a 14-day high influenced by the bullish trends. Beginning at a humble rate of $21.71 on Sunday, SOL/USD touched a peak rate of $24.41 during Monday’s trading sessions.
The digital currency managed to attain its highest level since October 2, although as the session progressed it experienced a shift in momentum and ended at $23.34.
Similar to BCH, the soaring prices of Solana can be attributed to a glide past resistance zones, seen as a green light for market entrance from investors.
The index is currently trending at 61.79, which comes after a significant surge above the 60.00 ceiling.
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Do you believe statements such as the erroneous tweet will reshape how traders perceive unverified information? Share your views in the comments.
Frequently asked Questions
1. What was the impact of Cointelegraph’s erroneous tweet on the price of BCH and SOL?
The erroneous tweet from Cointelegraph had a major boost on the prices of both BCH and SOL, causing them to experience significant rises.
2. How did the market react to Cointelegraph’s mistake?
Following Cointelegraph’s erroneous tweet, the market reacted with a surge in the prices of BCH and SOL, leading to a substantial boost in their value.
3. What were the specific gains experienced by BCH and SOL after the erroneous tweet?
BCH and SOL witnessed a considerable increase in their prices after the misleading tweet, resulting in significant gains for investors who held these cryptocurrencies.
4. How did the erroneous tweet impact the overall sentiment towards BCH and SOL?
The erroneous tweet by Cointelegraph positively influenced the sentiment towards BCH and SOL, as the sudden rise in their prices generated excitement and optimism among cryptocurrency enthusiasts.
5. Did the surge caused by Cointelegraph’s tweet sustain or was it short-lived?
While the surge caused by Cointelegraph’s tweet initially provided a major boost to BCH and SOL, it is important to note that the sustainability of this rise may vary, and careful analysis is required to determine the long-term implications.
6. How did the erroneous tweet affect the trading volume of BCH and SOL?
Following the tweet, the trading volume of BCH and SOL experienced a significant increase, as investors rushed to take advantage of the rising prices and capitalize on the newfound market interest.
7. How did the correction of the erroneous tweet impact BCH and SOL?
Upon the correction of Cointelegraph’s erroneous tweet, the prices of BCH and SOL may have experienced a slight correction or stabilization, as the market adjusted to the accurate information provided, potentially impacting the overall market sentiment.