Have fake news led to Bitcoin's latest crash? Cryptoquant turns on

Have fake news led to Bitcoin's latest crash? Cryptoquant turns on

Bitcoin crashed to $ 26,166 on Friday and continues to fight to break down over the $ 26,500 brand. What gives?

The crypto market analysis platform Cryptoquant said that the recent decline may be due to a coordinated fud campaign against the primary cryptocurrency that triggered a wave of liquidations this week.

The US government did not sell its BTC

in a Post On Friday the cryptoquant-analyst it tech drew attention to a wave of" coordinated fake news "on the Internet from the US government at the beginning of this week.

He expressly called a Twitter account called Walkarte which he thought due to the publication of" fake news without sources "was" one of the worst reports that you can follow ".

🚨 US government sells bitcoin 10. May 2023

"Many accounts have retweeted this message without facts testing, and as a result we experienced the second largest long liquidation in 2023, with over $ 36 million being liquidated within one hour," wrote il tech.

The US government is currently one of the world's largest owners of Bitcoin and has confiscated coins worth several billion US dollars in connection with illegal financial activities for many years. Some of these funds are related to the online Darknet marketplace Seidenstrasse while others were connected to the 2016 Style = "Font-Weight: 400">-the latter is still the greatest financial confiscation of all time.

according to the on-chain data platform Glassnode The on-chain balance of the US government is 205.514 Bitcoin. This balance has not changed in the last few days, most recently at the beginning of March, when the government 9861 Silk Road sold BTC publicly announced Cryptoquant has a similar dashboard that reports a slightly different value for the government of the government of 204.013 BTC. However, the time at which the government has postponed its coins for the last time seems to be coordinated with that of Glassnode.

Bitcoin credit of the US government. Cryptoquant

Nevertheless fears swept the market on Thursday, which led to liquidations in the amount of $ 150 million within one day and $ 40 billion Crypto market capitalization replaced.

"Fortunately we can check this type of news using on-chain data," added the analyst.

cryptoquant is optimistic about Bitcoin

in a (n Interview with cryptoquant representatives of the company cryptopotato announced that institutional investor 2023 Consider investment time and wait for Bitcoin to leave the bear market behind.

"This comes from conversations that I mainly led to institutional allocators and people who have core funds," said Benjamin Brannan, Head of BD & Strategy at Cryptoquant. "They spoke to various institutions or wealthy private individuals."

Brannan added that he does not expect Bitcoin to test his post-ftx low-levels of $ 16,000 in the future-apart from a "black swan" event such as "Russia, a nuclear weapon blows into the Ukraine or bony.

Meanwhile, marketing manager Ho Chan Chung claimed that Bitcoin could return to his previous all-time highs by the second quarter of 2024.

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