False Tweet About US Government Moving Bitcoin From Their Wallets Causes Bitcoin To Drop From $28.2k To Below $27k. Do You Think The Market Is Reacting Too Much On News From A Random Tweet?

Hi everyone,

Bitcoin suddenly dropped from $28.2k to below $27k in a short period of time today. The initial news/Tweet stated that the US Government started to move Bitcoin from their wallets. In this post I summarized the events.

The Bitcoin price chart:

CoinMarketCap Bitcoin 24h Price chart

In blue you can see the dump that happened today due to the false news.

The original tweet that caused the fake news:

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In this tweet a user called 1kbeetlejuice posted a picture about BTC leaving the US gov. wallets. This tweet got deleted because a Twitter user debunked this claim very quickly.

The news debunked by ZachXBT:

Twitter user @ Zachtxbt debunking the news

Here you can see in the photo that the Bitcoin from the US government didn't move at all! So the Bitcoin price dumped on a single tweet with false info. Now Bitcoin is trading at $27.5k and didn't fully recover from this. It's crazy that a single tweet can cause this kind of sell off!

Do you think the market is overreacting too much on info from a random Tweet?

Sources:

1) https://coinmarketcap.com/currencies/bitcoin/

2) https://twitter.com/georgeinthemeta/status/1656353149911724035?s=52&t=4d9cguN0OqEDKq9_eesc5g

3) https://twitter.com/zachxbt/status/1656350899642433556?s=52&t=4d9cguN0OqEDKq9_eesc5g