Fake news posing serious threat to Crypto Industry
The ETH crash was just one example of how fake news can cause a landslide in a coin market. A lot of similar cases have happened in the past
We all know how Ethereum crashed last June, leaving ETH users in utter shock and panic. Do you know how much that price drop wiped off of the coin value? A whooping 4 billion USD. And all this for what? - a stupid hoax. Yes, a hoax, a fake news. Rumor had it that ETH co-founder, Vitalik Buterin had expired in some car crash and immediately the Ethereum market plunged down to an exorbitant low. In reality, Mr. Buterin was just in the pink of health and thankfully he responded promptly to the fake news with written confirmation.
Fake news affects crypto industry big time
The ETH crash was just one example how a fake news can cause a landslide in a coin market. A lot of similar cases have happened in the past.
The crypto market features a highly volatile scene and the crypto community is influenced largely by the media. In other words, the rise and fall of a crypto coin is largely determined by the information circulating about it by the crypto media. So, if there is a negative news around about a coin, chances are high that the coin will suffer a crash immediately. Sad part is, the crypto market is marred with many such fake negative news reports that are simply toying with the future of several crypto coins. Another matter of concern is that, given the advancements in communication technology today, such fake news reports take no time to circulate worldwide, making the hoax a widespread phenomenon.
Put simply, fake news reports spell serious trouble for the crypto market, force down margin calls as well as abet investors to make ruinous decisions.
How TCA can help?
