The price of XRP, a leading cryptocurrency by market capitalization, saw a sudden and significant drop of 8% within minutes. This decline was triggered by a false report circulating on social media platforms that suggested the White House was considering a temporary halt to tariffs. ♂️ 🤯
Walter Bloomberg, a prominent account on Twitter known for sharing headlines from the Bloomberg Terminal, initially reported this claim. However, it has since been confirmed that there is no such official statement from the White House regarding any tariff pause.
The initial report quickly caught attention on CNBC and other news outlets. This led to a surge in prices across various assets, including stocks and cryptocurrencies. Despite the temporary spike, XRP’s price later tumbled significantly to $1.85, erasing its earlier gains. Bitcoin also saw a dip alongside XRP.
The false information originated from Twitter, with CNBC acknowledging their inability to verify the claim but still showcasing it on screen. Reuters followed suit after CNBC, further amplifying the misinformation.
According to CoinGlass data, over $82 million worth of XRP tokens were liquidated in the past 24 hours. These losses stem primarily from long positions (accounting for roughly $62 million).
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