CNBC remains a counter indicator to BTC price following fake news

07 Sep, 2018
by Ryan Boltman
News
CNBC remains a counter indicator to BTC price following fake news

CNBC's Fast Money continues to prove its nay-sayers right by contra-indicating the price of bitcoin whenever they post about the currency. 

Once again Bitcoins price saw a massive drop yesterday following the news that Goldman-Sachs is pulling out of the crypto space. 

Recap: Crypto media exacerbated Goldman-Sachs 'fake news,' helped spur market crash

The fake news saw a huge sell-off. Due to this, the total market cap saw a combined $39 Billion wiped from the books within 24 hours. 

CNBC's Fast Money, who often talk about Bitcoins price movements continued to Tweet about the drop in Bitcoins price:

The tweet which talks about "the bitcoin bloodbath" after the nearly $1000 drop in price, was followed by a bounce in most coins with Bitcoin climbing back to $6,500. 

CNBC have become synonymous for providing analyses which then results in the opposite events happening and once again, didn't fail to disappoint their followers

Recap: CNBC's tweets are the "perfect contraindicator" to what will happen in the market

CNBC left twitter followers impressed with their tweet causing Bitcoin to recover. CNBC is also responsible for the recent news related to Goldman-Sachs pulling out of the crypto space which was originally reported by Business insider, apparently. The news was in fact false as as Goldman-Sachs CFO stated ""I never thought I would hear myself use this term but I really have to describe that news as fake news," with CNBC reporting on the fake news after crypto markets saw huge drops in prices. 

CNBC have created a cautious approach from crypto investors as they continue to post contra-indications as well as unreliable news related to the industry. Crypto investors should always do their own research and take major news outlets' news to anything Bitcoin related, with a pinch of salt. 

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Read more about: Bitcoin (BTC)

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