Best Crypto to Buy Now October 16 – Bitcoin SV, Render, Bitcoin Cash
Bitcoin prices briefly spiked on Monday morning after a false report circulated on social media that the U.S. Securities and Exchange Commission (SEC) had approved a spot bitcoin exchange-traded fund (ETF).
The unsubstantiated claim was posted on the Twitter account of Cointelegraph before being edited and deleted shortly after 10 a.m. ET. Given the unexpected rise in cryptocurrency market volatility today, what is the best crypto to buy now?
Bitcoin prices surged over $2,000 within 30 minutes after the fake tweet, rising from around $27,883 to over $30,000 across trading platforms.
The volatility resulted in over $100 million in liquidations across the crypto derivatives market within an hour, including $73 million in short positions and $32 million in long positions.
BlackRock confirmed that the SEC has not yet approved any such product. Additionally, sources close to the SEC verified that the Cointelegraph report was false.
The false tweet from the Cointelegraph account was later edited and ultimately deleted. The Bitcoin price subsequently retreated from its brief highs, trading at $28,500 as of writing.
Regardless of the cryptocurrency market volatility prompted by inaccurate information on a Bitcoin ETF approval, Bitcoin SV, Bitcoin Minetrix, Render, TG.Casino, and Bitcoin Cash continue to present a compelling case as the best crypto to buy now, thanks to their strong fundamentals and/or promising technical outlooks.
The October trajectory of Bitcoin SV (BSV) has been a tense tug-of-war between bulls and bears as the cryptocurrency retraced key EMA levels after meeting resistance at around the Fib 0.5 level of $39.89.
Today's surge in market activity saw the BSV price again knocking at the door of its immediate resistance
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