The slew of FUD emanating from mainstream media has reached a crescendo. Salacious headlines foretelling the death of crypto have been rolling out over the weekend, but we’ve seen it all before.
The collapse of the FTX exchange and Sam Bankman-Fried’s crypto empire has made global news. Mainstream media likes nothing more than to attack the crypto industry, and it now has more ammunition than ever.
Late last week, the usually balanced Financial Times came out with “Let crypto burn,” with a nice picture of a fire. The article said that instead of trying to regulate the industry, “it is far better to do nothing, and just let crypto burn.”
Crypto FUD Fest Continues
“Is this the end of crypto?” That was the headline of an Economist piece late last week. Again, the salacious reporting blamed an entire industry for one person’s irresponsible actions.
“Never before has crypto looked so criminal, wasteful and useless.”
Yahoo! Finance picked up on comments from infamous Bitcoin detractor Peter Schiff at the weekend. This is not crypto winter, “this is crypto extinction,” he wrote in a Tweet that the outlet thought worthy of publication.
Schiff, who has bashed Bitcoin since it was trading at $100, still thinks it will go to zero.
Mainstream media bashing crypto is nothing new. A slew of equally damning headlines was spewed out during the previous crypto winter when markets lost more than 80%.
99Bitcoins reports that Bitcoin has been declared “dead” a whopping 466 times. It is actually more than this taking these recent headlines into account.
Bitcoin was declared dead 47 times in 2021 and has had at least 26 ‘deaths’ this year. One thing guaranteed is that there will be more claims like this before the year is out.
Markets Take a Beating
Maybe due to the torrent of mainstream media FUD, markets are down again this Monday morning.
Total market capitalization has shed just under 5% over the past 24 hours. This has sent it back to the previous cycle low of $830 billion. Coincidentally, this is the same figure as the cycle peak in 2018.
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