- Joined
- Feb 17, 2007
- Posts
- 260
Now that the dust has settled, looks like early reports were BS anyway. From Bloomberg:
"A false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering was enough to help send Bitcoin plunging by as much as 15% on Sunday, days after clocking in at a record of $64,870."
Still early days in the space if all it takes is a troll report on Twitter to crash markets. But I suspect that this is just the News trying to find an explanation and this was the most newsy and easy to understand, so they went with it. In crypto circles, there was more talk of cascading liquidations being to blame for the recent crash. But who knows? It hardly matters, as fundamentals are merely a temporary and limited effect in a speculative market anyway. These big swings will happen in that kind of market either way.
"A false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering was enough to help send Bitcoin plunging by as much as 15% on Sunday, days after clocking in at a record of $64,870."
Still early days in the space if all it takes is a troll report on Twitter to crash markets. But I suspect that this is just the News trying to find an explanation and this was the most newsy and easy to understand, so they went with it. In crypto circles, there was more talk of cascading liquidations being to blame for the recent crash. But who knows? It hardly matters, as fundamentals are merely a temporary and limited effect in a speculative market anyway. These big swings will happen in that kind of market either way.
handers are gonna be left with the bags
