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Yesterday you will observe how news and rumour created pump in crypto market. Cointelegrah news about BTC ETF approval by SEC pumped up the market. In no time, BTC observed 10% rise in its price. Latter on price again come to its initial position as the news was fake.
Fake news badly costed the future traders who invested in taking leverage. Almost observed $500 million liquidation. This is not the first time fake news created dump in the market.
In 2017, fake news of China ban on Bitcoins exchanges dumped 30% of BTC worth in 2 days. Latter on its was pumed up after knowing that it is a fake news.
Same way fake news of Litecoin and Wallmart partnership had raised 40% pump in LTC price. Latter on it was droped to its original worth.
There are couple of other instances which reveals the pump and dump in crypto market due to fake news. Now, the question comes in our mind how to tackle fake news. The answer is simple. Always cross check your information no matter how much source is credible. Even a credible sources some time shares fake news to manipulate the market. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
When this fake news happens, what comes to my mind was if fake news can cause this, imagine what real news will cause
There is no difference, both fake news and real news make impact, but it can be positive or negative.
Yea that's true but real news make longer impact than fake news
The craziest part of this fake news is that those who could lay hold of it before it gets to the whole masses gets to benefit the most from the market, compared to those who are being used by the fake news to dumb or a FUD market, thereby causing a loss on their side.
But when people already know about the fakeness before it becomes a public consumption they tends to be able to manipulate the market because the information becomes power and it becomes profit.
Fake news hurts a lot of investors but those who spread it can make a quick profit and escape without getting caught.
!giphy this is good
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One thing we can predict from here is that the fake news has pumped up the market and how much higher the market will go when the real news comes out.