On April 26, the crypto market experienced panic selling, with more than $200 million liquidated in less than an hour and Bitcoin prices crashing 8%. The selling was caused by fake alerts from blockchain analytics firm, Arkham Intelligence, claiming that Bitcoin wallets linked to the U.S. government and seizures from the Mt. Gox hack had been revived. However, the news turned out to be a false alarm. The crypto market rebounded, with more than $50 billion returning to the markets, pushing the total cap back to $1.25 trillion. The event highlights the impact fake news or alerts on social media can have on crypto markets.
(By Martin Young)
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