Spate of Old, Wrong or Dubious ‘News’ Spooks Rookie Investors, Fuels Crypto Selloff
- Date: 18-Apr-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Spate of Old, Wrong or Dubious ‘News’ Spooks Rookie Investors, Fuels Crypto Selloff
Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Kevin ReynoldsApril 18, 2021, 7:58 AM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Call it the recipe for perfect market meltdown:Take a dubious tweet about a unconfirmed U.S. investigation of financial institutions using crypto to launder money, a report that doesn't appear to have come from Bloomberg, Dow Jones, Reuters or any other reputable news service.Take that tweet and sprinkle it throughout the cryptoverse. Shake vigorously.Related: A Point-by-Point Rebuttal of the Most Recent Bitcoin Environmental FUDAdd a new CNBC tweet about a month-old Reuters report regarding a coming crypto ban in India. Whisk for 30 seconds.Next fold in several (now-deleted) tweets that incorrectly implied that the Coinbase CEO had sold the majority of his stock in last week's direct listing (he only sold 1.5% of his holdings).Bake at 350 for an hour.Serve to a host of relatively inexperienced investors who'd recently flooded into the market, driving it to all-time highs, due to the hype over Coinbase's listing and who were already nervous about a partial crypto ban by Turkey announced last week.Related: Bitcoin Price Falls $8K to 3-Week Low, Altcoins CrashAfter feeding that meal of purportedly