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The news cycle often revolves around events that seem more like a joke rather than something serious or create FOMO that can be devastating to many investors from across the globe.
Rule 101: don’t read too many news stories and try to carefully separate good journalism from anecdotes turned into analytical pieces.
The recent interview with the CEO of Kraken Jesse Powell was conducted by a very reliable media outlet Bloomberg. The conversation was mostly about the current state of affairs in the crypto industry and various predictions that Jesse made about the future of several digital assets. However, the news cycle followed one quote that he was hoping to buy a Bugatti for 1 BTC by the end of 2022.
It is an outlandish prediction that seems less and less realistic with each day of the continuous bearish trend in the crypto market that has been felt by BTC holders more than by many other investors. Yet, some enthusiasts decided that a joke from a CEO of a crypto exchange was enough to start hyping up an incredible price spike in the fall. Don’t rush to conclusions, it is very unlikely to happen.
Rule 101: always do your research and read carefully about crypto projects that are traded publicly on obscure exchanges.
A single tweet from Elon Musk again created chaos in the crypto domain. The billionaire joked that he was interested in buying Manchester United, a famous soccer club in England. Among millions of MU fans, thousands believed the tweet and started buying MUFC, a crypto coin that was created by a group of programmers not related to the management of the club.
MUFC was supposed to be a token that granted holders voting rights to affect the decisions made by the team management. However, it turned out to be a scam attempt. The tweet allowed some shady actors to manipulate the price which increased by 3000% during the day after the now infamous tweet from Musk. Thankfully, low liquidity prevented many investors from actually purchasing the coin before the news about it being a scam attempt started spreading.
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