This Tweet Boosted the Bitcoin and Altcoin Market to a $ 288 Billion Dump!
A single tweet drove the Bitcoin and altcoin market into collapse and managed to push the cryptocurrency market to the edge of the abyss. In the last 24 hours, $ 9.6 billion of crypto money has been liquidated from the market. The leading cryptocurrency, Bitcoin (BTC), fell to a low of $ 51,000 intraday and suddenly deleted more than $ 11,000.
A single tweet plunges the Bitcoin and altcoin market into collapse
Bitcoin hit the $ 51,000 level and the top altcoins saw even harder losses than BTC. The news that allegedly triggered the collapse was published by a suspicious Twitter account called “FXHedge”. The Tweet was able to delete $ 288 billion from the cryptocurrency market within 54 minutes after touring on soc ial media. While writing this article, the post received more than 4,700 likes, despite citing anonymous sources and disabling comments. An unconfirmed headline that the US Treasury has accused several financial institutions of money laundering in cryptocurrency has caused havoc in the cryptocurrency market.
As a result, experts attribute the decline in the Bitcoin and altcoin markets to speculation that the US Treasury may prevent money laundering through cryptocurrencies. Compound Finance’s general adviser, Jake Chervinsky, writes that he did not find the tweet credible, as money laundering cases fall under the US Justice Department’s scope. Jake Chervinsky adds that it would be “unusual” to blame several financial institutions at once:
I DON’T FIND THAT CONVENIENT. THE TWEET IS SUSPICIOUS: THE TREASURY DOES NOT REQUEST MONEY LAUNDERING (DOJING) AND AT THE SAME TIME IT WOULD BE EXCEPTIONAL. FURTHER, PENALTY INVESTIGATIONS ARE STRICTLY CONFIDENTIAL AND RARE LEAK. I HAVE NOT BEEN CONSIDERED THE INFORMATION EXPLAINED BY ANONYMOUS “SOURCES
The fact that a tweet will liquidate hundreds of billions of traders …
It should be noted that FXHedge has a history of making false claims in the past, which means that its claims for lowering market prices need to be carefully evaluated. The fact that a tweet with a moderate probability of being true will liquidate hundreds of billions of traders has revealed the vulnerability of the crypto market, which is highly susceptible to such rumors.
Twitter users may post information that is claimed to be important in order to move the market with false information. In early March, a fake ZeroHedge account went viral after posting a fake tweet about Apple breaking into Bitcoin. Recent developments are also a clear indication that the Bitcoin and altcoin markets are immature.