News

November 14, 2023

XRP Futures Traders Suffer $7.26M Losses Amid False BlackRock ETF Rumors

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

Traders who invested in XRP futures experienced significant losses of approximately $7.26 million within the last 24 hours. These losses were a result of the volatile price movements triggered by false rumors surrounding a potential exchange-traded fund (ETF) filing by BlackRock (BLK).

XRP Futures Traders Suffer $7.26M Losses Amid False BlackRock ETF Rumors

Price Surge and Misinformation

Following a tweet suggesting that BlackRock had filed for an XRP ETF in Delaware, XRP prices surged from 65 cents to 73 cents within a span of just 25 minutes. This sudden price increase was further amplified by certain crypto news firms reporting on the filing as a factual event.

BlackRock's Confirmation

However, BlackRock (BLK) promptly clarified that it had no intention of launching an XRP ETF. The asset management giant had previously filed with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin and ether ETFs. The paperwork submitted for the XRP ETF filing mimicked the forms used for the previous filings, but it was not actually filed by BlackRock.

Conclusion

Traders in XRP futures trading faced substantial losses due to the false rumors surrounding the BlackRock ETF filing. It is crucial for traders to exercise caution and verify information before making investment decisions. This incident highlights the importance of conducting thorough research and relying on credible sources to avoid falling victim to misinformation.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

Send mail
More posts by Emily Tremblay

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News

Please confirm your location

This website only displays operators licensed in Ontario, Canada. Please confirm whether you are located in Ontario.

YesNo