Crypto Market Tanks Amid Multiple FUD News, Over $ 10 Billion BTC Positions Cleared

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Crypto Market Suffers Severe Correction As Multiple Crypto Ban News Combined With Rumors That The U.S. Treasury Is Considering Charging Multiple Financial Institutions For Money Laundering Using Crypto Gain Headlines . While this is not something new for crypto investors, but in the short term, it has led to extensive Bitcoin sell-offs.

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Rumeurs, FUD Spoil Crypto Bulls Party

As if Turkey’s FUD banning crypto payments weren’t enough, CNBC today released a FUD of a “likely” crypto ban in India as well. The latter is only unconfirmed news and was already shared by Reuters a month ago. The question remains: Why is CNBC broadcasting month-old news on repeat right now? CNBC aired a shared news story just a week ago today.

Crypto investors should understand above that Indian FUD crypto ban is a proposed bill, it is neither a law nor a confirmed policy at this time. It must be passed in the Indian Parliament to be meaningful.

CNBC Crypto FUD

CNBC Crypto FUD

In the short term, these rumors and FUD led to panic selling and over $ 10 billion worth of Bitcoin positions were liquidated in what appears to be the worst Bitcoin Dip ever in such a short span of time. The price of Bitcoin fell below previous support levels and fell to levels of $ 50k. Major altcoins Ethereum, Litecoin, Bitcoin Cash have also taken a hit and are trading at critical support levels.

BItcoin Liquidation BItcoin Liquidation
Liquidation Bitcoin chez Binance

Is Bitcoin Bull Crushed?

While many investors are panicking, the Bitcoin bull run sale is far from over and the current price decline is largely the result of rumors and FUD. Many analysts advise investors to avoid high leveraged trades and focus on buying cash dips. The liquidation amount indicates that the transactions are heavily indebted.

Meanwhile, at the time of the report’s release, the crypto market is showing signs of a recovery, with BTC price recovering from $ 55,000 levels again and other altcoins showing a significant recovery as well.

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