The 0.1% ask depth on Binance, a measure of buy-side liquidity, crashed to just 1.2 BTC ($30,000) from 100 BTC as volatility exploded after a false report of BlackRock’s (BLK) spot exchange-traded fund (ETF) approval circulated on social media. The leading cryptocurrency popped 7.5% to $30,000 in a knee-jerk reaction to the rumor, only to give up gains after BlackRock denied the report.
Source: https://www.coindesk.com/markets/2023/10/17/bitcoin-liquidity-on-binance-plummeted-during-the-etf-rumor-induced-market-rollercoaster-kaiko/?utm_medium=referral&utm_source=rss&utm_campaign=headlines