Fake news in the world of cryptocurrencies is doing its thing again
Hello friends, nowadays we have to be very careful with fake news and the Euphoria in bitcoin yesterday, Monday, October 16, Bitcoin price had a rapid bullish momentum above $29,000 however behind this bullish momentum there was some news false and exaggerated regarding bitcoin.
This all started on Friday afternoon when the SEC decided that it will not appeal Gray Scale's victory in its lawsuit over the rejection of its spot bitcoin etf and many influencers began saying that this meant that the spot bitcoin etf of gray scale was already approved when the reality is that it is not, Gray scale's victory simply forces the SEC to review its appeal of its spot bitcoin etf.
On the other hand, some media specialized in cryptocurrencies as well as several influencers began to publish the false rumor that the SEC had approved the blackrock spot bitcoin etf, which made the Euphoria increase even more and despite the fact that Some media later apologized for publishing this false information. Many people have already made several operations based on this false news and of course they lost money since the boost above $29,000 was momentary, so before making any operation with bitcoin, do your own analysis. conscientiously and do not get carried away by momentary Euphoria.
Without a doubt this month would be a month volatile with rapid falls and rises finally today another rumor that was circulating on social networks in recent weeks was also denied which said that the Japanese brand Honda was accepting bitcoin as a form of payment institutional investors made strong movements in bitcoin ethereum solana and XRP between Others say, thanks to this news, many investors lost a lot of money. Institutional capital bought bitcoin solana and xrp but sold ethereum litecoin chainlink and tesos. In addition, there was an influx of capital into financial instruments that allow them to bet on the fall of bitcoin in the futures market.
However, it is possible that all these movements occurred before knowing that The SEC will not appeal Gray Scale's court victory over its spot bitcoin etf as this news broke on Friday afternoon and means the SEC is only delaying the spot bitcoin etfs and not the may reject or prohibit the market has taken it as something quite positive since at some point we will have the spot bitcoin etfs trading on the US stock market.
In short, not everything that is said on social networks is real news, some influencers are paid to generate this type of news to raise the price of any crypto asset and then come out apologizing for the damage caused after the damage is done, It is true that we must be aware of the news related to the world of cryptocurrencies since it determines what direction any crypto asset could take in the near or distant future, which is why I recommend taking caution when investing.
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Indeed, it is important that we are very careful of fake cryptocurrency news as they can influence our decision making
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That's right friend.
Normally we invest out of the euphoria of seeing how the green candle increases rapidly and we are encouraged to buy but at the end of the story we end up losing money, or simply waiting for the price of bitcoin to rise again where we do our buying and selling so as not to lose the investment. initial.
When I was a rookie I used to lose a lot of money that way, I sold when I saw that my investment was collapsing and as a result of this many changes came to my life 😔.