Solana Soars And MSM Slams Bitcoin Volatility While Crypto Recuperates
Last Updated on 9 September 2021 by CryptoTips.eu
Solana continues its unabated march forward and now trades for more than $200 already. The altcoin has in this manner gained well over 80% in the past week. Meanwhile the SEC showed its hand and also its backers as it threatened to sue US crypto platform Coinbase if the company would go ahead with its plans to launch a crypto lending product.
In the global press, journalists feasted on Bitcoin’s flash crash of earlier this week while forgetting to mention that in the world of crypto this is a rather normal type of event as there are no circuit breakers.
Greatly exaggerated
Mark Twain, the famous American storyteller and author, coined many expressions in his life. One of the more useful ones could also point to Bitcoin in the past few days. According to legend, a reporter found Twain, and asked him what comment he had about the rumor that he was dead. Mark Twain replied the now infamous quote:
Reports of my death have been greatly exaggerated.
When Bitcoin fell by some 17% this week in a massive wick, the Mainstream Media (the MSM) seemed to once again revel in the fact that crypto was crashing as they put it. Never mind of course that by now Bitcoin recuperated to a level of $46,000 and is thus double what it was beginning of the year or even quadruple what it was this time round last year.
As always, it is clear who the instructors of these stories are (aka the financial sector) and that even for normally quite conservative and reliant news outlets, the titles and texts were an exaggeration of what exactly took place.
The price of Bitcoin on Tuesday crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.
That would indeed be surprising, but only if you haven’t looked at Bitcoin’s chart for a year or so. The previous bull run was marked by several of these flash crashes of course but that didn’t matter to most of the mainstream media.
The Wall Street Journal noted that:
Bitcoin gave El Salvador a taste of its famous volatility on Tuesday, as the Central American country became the first nation in the world to adopt the asset as a national currency. The world’s largest cryptocurrency fell as much as 17% from its 5 p.m. ET value on Monday, briefly hitting $42,921.27, according to CoinDesk. It later recovered slightly to trade at $46,749.90.
Quartz spoke of a failed presidency and a lesson in Bitcoin price volatility for El Salvador. Bloomberg wasn’t much better, neither was MSNBC.
As Thursday dawns upon us, all that hyperbole and panic didn’t do much to the price action of Bitcoin though, as the world’s largest crypto coins has by now recuperated much of its loss and is trading at $46,000.
To paraphrase Mark Twain, the newest reports of Bitcoin’s death seem to have been greatly exaggerated.
