The influence of media channels on people’s everyday life has been growing since the day the first newsletter was sent. Centuries after the development of typography publishing, radio, TV and Internet follows this trend. Today, the role of media channels on the cryptocurrency market has grown to a new level.
One of the biggest scandals when media channels showed its biggest role was during 2016 presidential elections in the US. Some experts claim that the Russian government interfered election using social media like Facebook to boost the candidacy of Donald Trump to become a president of the US. Same tools can be used by large investors and banks on the cryptocurrency market.
While social media reached a peak in its popularity there are no doubts that the same methods can be used by financial players to influence the price of cryptocurrency. Mostly, cryptocurrencies are not regulated by any government or authority. Thus the price of the cryptocurrencies is often based on the trust of its users which makes cryptocurrency market especially sensitive to news that any other investment tool.
New or less popular coins do everything they can to reach the media hype and grow cryptocurrency popularity. Newcomming investments companies play on the downtrend to buy more tokens while pushing small investors out of the crypto market before they reach a new price volume.
The biggest surge of Bitcoin price in December 2017 was also influenced by the volume of “good news” translated by media worldwide. It was growing like a bubble, involving more and more new players investing in Bitcoin back in 2017. Unfortunately, not all of them were ready to the price corrections that is typical to cryptocurrency market. The “bad news” that appeared soon after slumped the Bitcoin price back in cryptocurrency winter.
Today, investors who want to stay profitable on the cryptocurrency market must follow all the news and be ready to understand the way bad or good news may influence the price of cryptocurrency.
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