There is no direct link between the corona virus outbreak and the cryptocurrency market correction but there are signs. Crypto incidents are on the rise as investors begin to panic, a series of fake news on social media.
The cryptocurrency market is crushed
The cryptocurrency market has lost a whopping $ 50 billion since the beginning of the week when the sell-off accelerated. In just the past 24 hours, total market capitalization has dropped 7.5% to $ 250 billion.
Bitcoin has dropped over several key support levels, which is the last support level located in the upper $ 8,000 range. The last test it needs hodl is the strong support of $ 8300. If it fails, it will see most of the profits turn to altcoins.
At the time of writing, Bitcoin is trading around $ 8,800, where it stood at this time of last month. Other altcoins have also been witnessing a continuous decline in prices over the past few days.
Bitcoin has seen an 18% correction so far. As usual, the BTC detractors posted with joy but the truth was that it was all perfectly normal for the cryptocurrency markets despite the outbreak of the corona virus (Corvid-19).
It seems that fake news is spreading faster than the virus itself and as usual, social media is its focus. Facebook, a hot spot for misinformation, recently launched measures to block any ads related to or even mention corona viruses. A spokesman for the company told Business Insider:
“We have adopted a new policy, banning ads related to corona virus and causing panic, fear of social media users, for example referring to the scarcity of goods, or promises. treatment and prevention of viruses. In this Marketplace, every person who buys and sells will also apply this policy. ”
It is widely reported that China, the epicenter of the epidemic, controlled all forms of media and what the authoritarian state decided to release to the public.
BBC added that YouTube has also become a home for high-traffic fake videos that attract advertisers to profit from its owners.
A number of conspiracy theories, including a link to a rollout of Chinese 5G implementations also starting in Wuhan, have been posted on video platforms. It has also been reported that the virus was designed in a Chinese laboratory as part of a biological weapons program.
None of this news has been verified yet, but those fake news are still flooding social media. Global investors are worried and most of the major assets are falling at the moment, including cryptocurrencies.
Bitcoin Magazine | Bitcoinist
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