Remember how Ethereum immediately plummeted to a shocking $0.10 some time back, right after it plunged to a whooping $380 from $10? Well, according to this Mirror article, such a devastating low was mainly because of a fake news circulating around & raising doubts about the coin’s future.
Sadly, this is the grim reality of the crypto news world today. The contemporary crypto media is plagued by false news reports which are pushing investors to take misleading decisions. It’s eventually creating huge volatility in the crypto market, putting the very future of several crypto coins at stake.
The very nature of crypto market makes it vulnerable to fake news. Crypto industry is extremely complex and demands solid understanding of law, economics, business, politics and technology to smoothly navigate through it. It requires extensive study on the said subject to come up with credible information.
However, a lot of people don’t have the patience to put the required amount of hard work to leverage their knowledgebase about the crypto scene. But they have to post and comment since crypto industry is trending now. As a result, social media platforms are being flooded by a flurry of false rumors, fake news and misleading information about the crypto scene.
Another problem is the crypto media feeds on these kinds of information and hence automatically publishes fake news. The problem is the crypto media scene does not bother to give the time to verify these facts before creating reports on them.
And the impact can be pretty scary here.
The moment a crypto news surfaces, the entire market begins to discuss about it. Investors and traders start following such discussions religiously and worst, base their major investment decisions on them. And investors or traders activities cast a huge influence on the quotient of market volatility. So, if a crypto news is fake, just imagine how much blunder it can cost not just for the investors but for the whole industry! And as per an esteemed MIT study, people tend to retweet fake facts (without knowing) 70 percent more compared to true facts. In other words, fake news reports spread faster & reach out to a broader audience than true news.
However, it’s not all dark and gloomy. Leading crypto media portal, The Currency Analytics has pledged to relieve the current crypto media world of fake news and replace with authentic news only. Founded by leading crypto guru Sydney Ifergan, The Currency Analytics is driven to work with impartial, seasoned and professional journalists who actually know a thing or two about cryptocurrency. Thus, they will be able to produce thoroughly verified and genuine news that will help investors and traders to take the best-informed decision. It will eventually help the overall market from unwanted volatility that are triggered by fake news.
TCA has launched its revolutionary signature crypto token TCAT that will help the platform to hire dedicated and knowledgeable journalists and produce the most authentic, verified and impartial crypto news.