Did Bitcoin just get a major dose of Fake News?
Is Bitcoin the latest victim of fake news?
The other day it was reported that Goldman was backing off plans to launch a crypto trading desk...
Today it was revealed that was likely fake news.
The CFO of Goldman Sachs, Martin Chavez said that the report circulating about Goldman Sachs canceling its plans to launch a bitcoin trading desk would be classified as fake news.
Come again?
His exact quote:
“I never thought I would hear myself use this term but I really have to describe that news as fake news."
(Source: https://www.ccn.com/fake-news-cfo-says-goldman-sachs-is-not-ditching-bitcoin-trading-desk/)
You mean the news that dropped bitcoin by almost 20% and wiped close to $50 billion off of crypto markets was fake?
According to the CFO of Goldman, that seems to be the case.
The original report cited "unnamed sources familiar with the matter" as their news source for the report.
Hmm... smells like a short and distort campaign.
Especially when you take into account the 10k bitcoin short that was initiated several days back by an annonmous trader.
That short bet totaled roughly $74 million at the time.
No recovery as of yet?
Interestingly enough, bitcoin is not recovering its losses as of yet even though these comments from the CFO of Goldman have been circulating for 12 hours plus at this point.
Like we have seen numerous times in the past, perhaps the original fake news release was merely an excuse to sell or drive prices down.
Now with the news being refuted, it doesn't really seem to matter as those shorts aren't covering and prices are not regaining those losses.
Stay informed my friends.
Follow me: @jrcornel
Well...they figured out a way to manipulate it!
Assholes
Yep, easy money if you can do stuff like that.
Markets brought to you by Twitter — crazy times bro
maybe more will drop the balance of Bitcoin.
Bitcoin is the leader of the cryptocurrencies. It's price has influence over every alt-coin. Cryptos have limited real life applications so far. Basically they are being used for profit earning only. There is a simple rule-buy when the price is low and sell when the price is high. But do people realize who are affected by this speculation? Is someone's gain is not somebody else's loss? The big players know it. They plant fake news and change the sentiment of the market as per their interest. An ordinary investor becomes fool and cheated.
Correct. It is a zero sum game, meaning that if someone is winning, others must be losing. Which means only the strongest/smartest and most ruthless survive.
Farging Bastages! Let the market set the price; BTC can never be mainstream as long as it can be manipulated on a whim (make that “greed”)
😩👎😩
Ice holes! Cork suckers! (Johnny Dangerously)
Of course. It's all industry people that are manipulating the market so that they can make money even when there's no money to be made.
And now there are more options to short than ever before. It is often easier to make prices drop than it is to make them go up... sigh.
I feel like when BTC rises slowly the altcoins don't rise at all. In order for the altcoins to rise up, it seems as though BTC will have to shoot up drastically and I'm just not sure if that's ever going to happen again.
Give it time. Though I am with you in that altcoins are having major trouble moving up. I don't think we will see a meaningful rise in the altcoins unless bitcoin goes on a major bull run. Then new money will likely enter the space and try and find "the next bitcoin."
Very interesting... this could be a setup for an interesting battle of bulls vs bears going into a light volume weekend. Where we end up on Monday morning may give us a signal as to next trendline.
You may be right. It didn't take as much volume to push prices down as it took to run them up. Not sure if that is bullish or bearish. However, as news circulates that the news was in fact fake, I would expect to see prices lift at least a little.
nice post thank you for this
Unbelievable!!! It does prove my point on how much emotion controls the market making predictive algorithms useless!
Yep. I am not sure what anyone is trading on these days. News? Nope it's fake. Charts? Nope they get whipsawed and wrecked every other day. Gut feeling? lol maybe, but your gut has you down 70% if you followed it late last year.
I just check around various crypto news sites looking for something worth buying. Then I read the white paper to see if A) it fills a need in the cryptospace or society and B) do they have a plan to market themselves. Then I look to see if they're active in any markets.
For an example... VeChain is one I bought recently. They just signed a contract with the government of Shanghai, so they fill a need. They're also getting picked up by a couple of more exchanges. I bought for $0.01 (the "experts" say it will hit $19 or $20 by the end of the year- If it hits a buck, I make $20,000 on a $200 investment. In lieu of having a crystal ball, I don't know any other way. I gave up on the talking heads on Y-Tube long ago.
Yea I mean long shots like that might be your best bet. Just gotta buy a lot of em and hope one or two pan out. If you buy anything already trading in the top 100 on coinmarketcap they all just move together with bitcoin currently. No reason to do any research they all move pretty similar.
I picked up 20,000 and it's already up almost $0.006. It was close to 2 cents when we had the dip. I doubt it will hit the expected $20, but I don't think a buck is out of the question. Another I like is Stellar Lumens and of course EOS.
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Should be 'dose', not 'does' :) Those speculators are just so jumpy
Thanks for the catch! Ah spell check.
How it can be prevented? Who will be responsible? It really harmful for the market.
Not sure. It is part of a normal functioning market I guess. Booms and busts. Insider trading is legal in some places.