Spate of Old, Wrong or Dubious ‘News’ Spooks Rookie Investors, Fuels Crypto Selloff

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