An unconfirmed tweet storms the crypto market and makes it fall by more than 290 billion dollars
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Answer An unconfirmed tweet storms the crypto market and makes it fall by more than 290 billion dollars
Another wild weekend in the cryptocurrency market, as Bitcoin plunged nearly $7,000 in hours, amid rumors that the US Treasury will charge several financial institutions for money laundering in cryptocurrency.
The news has not been officially confirmed, but it is still a rumor published In the form of a tweet by the account shown below.
The US Treasury is collecting several financial institutions to launder money using cryptocurrencies – sources
– FXHedge (@Fxhedges) April 18 2021
This tweet managed to wipe $288 billion off the cryptocurrency market within 54 minutes after making the rounds on social media.
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At the time of writing, this tweet has more than 5,700 likes despite being broadcast from unconfirmed anonymous sources and disabling comments.
Jake Chervinsky, general counsel at Compound Finance, wrote that he did not find the tweet credible because money laundering cases fell within the jurisdiction of the US Department of Justice.
He also adds that it would be unusual to charge several financial institutions simultaneously, stating:
I don’t find this tweet reliable.
The tweet itself is suspicious: The Treasury doesn’t charge money laundering fees, it’s the Justice Department that can do it.
A case against several financial institutions simultaneously would be unusual.
Criminal investigations are also kept strictly confidential and are rarely leaked.
I am not convinced by unnamed sources.
Not only that, it should be noted that the “FXHedge” account has a history of making false claims in the past, which means that its content should be treated with greater caution.
The vulnerability of the crypto market:
The fact that a dubious tweet could wipe out hundreds of billions has exposed the fragility of the cryptocurrency market, which remains highly sensitive to such rumours.
Read:Binance expands presence in Ireland amid questions about corporate headquarters
This method can be used as a weapon in order to move the market with misinformation, and this is not the first time that such hideous methods have been used, as in early March, the fake “ZeroHedge” account posted a false tweet about Apple’s entry into Bitcoin.
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