Wednesday, 13 September 2017

How One Tweet Can Crash Bitcoin Price

If today you are looking at the Bitcoin price thinking to yourself what the f*ck has happened then let me tell you what I know. At the time of writing Bitcoin is down to the lowest we have seen in a while $3789 and it is all due to one mans tweet.

Charlie Lee a well respected figure in the world of crypto tweeted that Bitcoin was going to be banned in China and he had heard it from a reliable anonymous source. This was huge, this instantly had an effect on the price as we saw it start to crash down from $4500. Then the tweet gets edited, it gets edited to Bitcoin EXCHANGES are going to be banned in China. Now the difference between Bitcoin being banned and Bitcoin Exchanges being banned is massive, exchanges should have no real effect on the world but had it of been Bitcoin it would of affected everyone.

Now my question is this, was this a huge paid off pump and dump on a scale we have never seen before. If investors had millions waiting knowing this one tweet was going to cause a price crash then this could make them an absolute fortune in profit.

We will have to wait and seem when it recovers

Who is Charlie Lee? This is the best I have found from 2015 so its two years out of date

Graduated from MIT with a Bachelors and Masters in computer science. Worked at various companies including Microsoft, Guidewire, and Google. I discovered Bitcoin in April of 2011 from an article on Silk Road. Of course! :D I created Litecoin in October of 2011. I left Google in July 2013 to join Coinbase as the 3rd hire. I'm now leading the Coinbase exchange and payments engineering teams.

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