THELOGICALINDIAN - n-a
Bitcoin prices may accept been manipulated, scream the business headlines. But the account themselves may be the force that is absolutely affecting crypto prices. And if that’s not an accident, it’s manipulation.
Cryptocurrency prices are bottomward yet afresh today and the boilerplate media is accepting a acreage day. Columnists beyond the spectrum say this the end of basic currencies as we apperceive it.
For the accomplished brace of months, boilerplate banking media sources watched from the sidelines as the cryptocurrency market’s animation slowed. A adventure here, a adventure there; the advantage was sparse. But at the alpha of aftermost week, banking account outlets began pumping out belief on crypto.
They initially covered the accretion antagonisms architecture up about the Bitcoin Cash adamantine fork; but they begin a new ambition back the bazaar began to arch south.
Where’s the abetment now?
The Banking Times’ cryptocurrency page has apparent renewed ability in the accomplished few days. The commodity advertisement amount has quadrupled back the alpha of the month. The FT appear three accessories in the aboriginal anniversary – one actuality on the rivalries amid the BCH personalities. The afterward week, back prices started to slide, this jumped to seven stories. Three accessories covered the accompaniment of the market, one with the appellation that “crypto is collapsing!”; another piece labeled Bitcoin (BTC) as “the angry spawn of the banking crisis”.
It’s alone Wednesday, but the FT has already appear six accessories on cryptocurrency this week. Five are on the bazaar slide, with one anecdotic it as “panic time” and addition claiming the Bitcoin “dream is dying”. That aftermost one is an analytic piece, implying it’s congenital on adamantine facts and not erm… opinion.
It’s a agnate adventure over at the Wall Street Journal, although they’ve focused added on Nvidia. Four accessories were appear aftermost anniversary on the dent manufacturer, which said it had a ‘hangover’ from its enthusiastic advance into crypto mining chips beforehand in the year. The key takeaway from the commodity is that the advertising about crypto at the end of aftermost year was misguided; companies bullish on basic currencies, like Nvidia, are accepting burnt. Later, this anecdotal was dissected by CCN and accepted to be inaccurate.
Another preoccupation has been the SEC adjustment aftermost anniversary for two ICO projects to balance investors. Although the account provides administration accuracy apropos tokens that calculation as a aegis beneath US law, the WSJ announcer implies that the cardinal serves to accompany in added aegis layers that would contrarily be unwelcome. [The SEC orders] require the use of auditors, a band of aegis that is about absent in the apple of cryptocurrencies,” the article says, “which hoped to bypass Wall Street intermediaries and await on communities of programmers to administer tokens and verify trades.” {Emphasis ours.}
Bloomberg excelled themselves this week. Three appearance in the accomplished day accept discussed whether JPMorgan CEO Jamie Dimon was appropriate to alarm crypto a ‘fraud’ at the end of aftermost year. Another bristles accessories attending at the bodies who invested in cryptocurrency, abnormally if they bought at a high. One appear aloof a few hours ago urges readers not to allocution about Bitcoin’s “deadly spiral” over the Thanksgiving holiday.
The belief are advised to actualize fear, uncertainty, and agnosticism – and the bazaar altitude we see suggests they’re working.
What is this accomplishing to the crypto market?
Negative advantage from accustomed banking account sources will accept an effect. Although prices seemed to accept counterbalanced this morning, they accept amorphous to bore yet again. $5bn has been wiped from the bazaar over the advance of the day. This ancillary with an access in the cardinal of bearish accessories on crypto is no coincidence. Many investors actuate their decisions based on the advice they get from these sources. If the account is portrayed like this, added will cash their holdings.
A few weeks ago, FT columnist John Authers looked at how trust in the media has declined over the aftermost twenty years. When he started aback in the aboriginal 1990s, acquiescence to the FT was in his opinion, “excessive”; people advised the Lex cavalcade about like it was the actual chat of God. But assurance withered. He believes the account lies with the financial crisis in 2008, the acceleration of new media, as able-bodied as alteration dynamics in how journalists collaborate with their readers.
But there is addition factor. Bias. No announcer can be absolutely neutral, but that doesn’t beggarly the fourth acreage shouldn’t try – at least, in their account reporting. Crypto Briefing has long-liked to point out the mainstream media’s antagonism appear cryptocurrencies. This week’s amount abatement gave them a adventitious to advance their agenda. Selective audition breeds inaccuracy. A strong bias agency accessories no best reflect the reality. When that happens, they become storybooks or manifestos, not admired account sources.
The big adventure in accounts this anniversary is absolutely Apple, which may accept accomplished aiguille customer saturation. Analysts anticipate the abundance dollar aggregation may never advertise as abounding iPhones as it is now; Apple stocks may never be this aerial again.
Given the attraction the boilerplate media has with cryptocurrency, you ability anticipate that the ethics were reversed: that crypto had a abundance dollar valuation, and that Apple was a bald $150bn company. You don’t apprehend any allocution of Apple in a bubble…or a afterlife circling for that matter.
At the time of writing, there are 54 companies in the apple with a college appraisal than the absolute crypto bazaar put together. Even Comcast (“America’s Worst Company, 2024 and 2024”) is bigger than crypto.
Is the media biased? We are – in our assessment pieces. We apostle for cryptocurrency because we see bright affirmation that it contributes to the accepted good. Ask yourself: why is the business columnist so bent to annihilate it?
The columnist is invested in BTC, which is mentioned in this article.
