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Yesterday you will observe how news and rumour created pump in crypto market. Cointelegrah news about BTC ETF approval by SEC pumped up the market. In no time, BTC observed 10% rise in its price. Latter on price again come to its initial position as the news was fake.
Fake news badly costed the future traders who invested in taking leverage. Almost observed $500 million liquidation. This is not the first time fake news created dump in the market.
In 2017, fake news of China ban on Bitcoins exchanges dumped 30% of BTC worth in 2 days. Latter on its was pumed up after knowing that it is a fake news.
Same way fake news of Litecoin and Wallmart partnership had raised 40% pump in LTC price. Latter on it was droped to its original worth.
There are couple of other instances which reveals the pump and dump in crypto market due to fake news. Now, the question comes in our mind how to tackle fake news. The answer is simple. Always cross check your information no matter how much source is credible. Even a credible sources some time shares fake news to manipulate the market. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.