Did an Unknown Tweet Hit The Crypto Market?

Another weekend in the cryptocurrency market, Bitcoin plunged nearly $ 7,000 in hours, amid reports that the US Treasury will impose expenditures on a few monetary institutions for tax evasion in forms of cryptocurrency.

The news was not officially confirmed, but instead the gossip was distributed in the form of a tweet.

This tweet resulted in $ 288 billion wiping from the digital money market within an hour after going out and hopping across online media.

This tweet garnered over 6,000 preferences despite the publication of the report from unconfirmed anonymous sources and flawed notes.

Mr. Jake Chervinsky, General Counsel at Compound Finance, said he is not discovering that the tweet is correct in light of the fact that tax evasion cases fall under the jurisdiction of the US Department of Justice.

He also adds that it is not uncommon to charge different monetary institutions all the time, saying:

I am not discovering that this tweet is solid.

The actual tweet is questionable: Treasury doesn't charge for illegal tax evasion but instead the Department of Justice can.

Moreover, the argument against some monetary institutions at the same time would be exceptional.

Likewise, examinations are strictly kept confidential and are rarely leaked.

Not only that, but it should be noted that the "FXHedge" account has a distinct background by presenting false cases beforehand, which means that its gist must be treated with a more explicit alert.

Crypto Market Volatility:

The way a suspicious tweet could remove many billions revealed the sensitivity of the cryptocurrency market, which remains surprisingly sensitive to such anecdotes.

This strategy can be used as a weapon to trick the market by deception, and this is not the first time that these horrific methods have been used, as the fake "ZeroHedge" account spread a fake tweet about Apple entering Bitcoin.