Navigating Through the Seas of Fake News Is Not Easy For Cryptocurrency CompaniesJuly 13, 2019
Stellar Lumens is beginning to react to market moments. Several investors believed that XLM did not become a victim of BTC dominance. However, when it comes to the popularity of the coin, it is essential for the token to exhibit some short-term spikes.
By jumping more than 11% in a single night, Stellar Lumens has finally conveyed the most needed assurance to its HODLers.
The price of Stellar Lumens crossed the crucial $0.1 resistance level; however, it failed to maintain the price range as it plummeted back to $0.97 and thus continues to grow as we speak.
The price might correct itself back to $0.94 support levels. If that will be broken, the coin will display a large gap of falling as low as $0.88 in the medium term.
The Stellar Bulls are supposed to know now that during the BTC dominance they HODL the coin before the Altseason. When the market recovers, they need to hope to see a similar pattern.
TRON has been recently involved in the fake news scandal. The TCAT token is focused on abolishing fake news.
The fake news that affected TRON was that the Chinese Police were raiding the TRON officers in Beijing. The video which accompanied the Hayden Otto Tweet displayed the TRON logo which appeared credible with police in uniform. The eventual result was that the police were raiding TRON for participating in the Scam.
However, the presence of the police was to protect the employees of TRON. Justin Sun Clarified that protestors stormed into the office after finding out about a Ponzi scheme known as “Wave Field Super Community.” The project had associated itself with TRON despite TRON dissociating itself from the system.
Quick action was taken on behalf of the company, but the price of TRON continued to plummet.
The market impact by fake news has been revealed in the past thus: “This is a PRIME example of how virality with news about popular currencies can create massive, artificial pumps that are destined for a short life once the inaccuracy is revealed for what it is.”
While the majority of the investors know that it is fake and dismiss the facts, the news can cause a lot of damages. Sensitive investors can lose trust, and they can dump their holdings. Navigating through the sea of Fake news is not easy for cryptocurrency companies.
Cryptocurrency is very volatile than the traditional markets.