Perhaps it is too early to talk about whether the cryptocurrency market has recovered and is on the rise again.. However, if there are promising developments in Bitcoin, the most popular crypto money of the market, this week, we can say that there will be confidence in the market in general.. We also witness that the fud and fomo-style news about the sector keep the market very busy.
There is a war of words in the crypto market
The words we use today are constantly evolving.. We see that words are sometimes used to exaggerate events.. Two of these words are the abbreviations FUD and FOMO, which we often hear in the crypto market.. Both these words are used differently from their original meaning.. This week, we can often hear these two words for Bitcoin.. It looks like we will hear FOMO in bullish rumors and FUD in bearish scenarios.
FUD (fear, uncertainty, doubt) abbreviation is a word formed from the initials of the English words fear, uncertainty and doubt.. This word is used for unfounded negative rumors about a targeted cryptocurrency in the market.. We can translate the word FOMO( fear of missing out) into our language as the fear of missing an opportunity.. But in the crypto market, unlike the word meaning, it is used to highlight any positive event.. In this article, we will briefly talk about the positive developments that may occupy the market, but first, let’s finish the topics that may cause fear this week.
This week’s fastest-spreading fud and fomo rumors
The latest Snowden leaks, Bitcoin users. unsettled as the NSA aggressively targeted in 2013. This was not a big surprise, but it still seems daunting as there are written documents. Leaked slides also provided further evidence that Silk Road’s Ross Ulbricht was lured by the NSA’s interceptions of his Bitcoin-related activities.. Even so, this evidence was not disclosed in court, and Ross’ defense team was therefore unable to challenge it.. The unease was somewhat alleviated by the fact that the parallel restructuring – the practice of forging a trail of evidence after the arrest of the suspect – was at its highest and the NSA documents had no effect.
ICOs to at least $3.4 billion in Ethereum. The news that he owns it and that they can release it to the market at any time made a real impact.. This was the development that kept the market busy this week.. However, this news qualifies as FUD.. Because this information forces investors to fear, uncertainty and doubt in the market.
There were also positive developments for Bitcoin this week.. Or the market was eager to perceive these news positively.. Because of the recent negative and stressful news, there was a gloom over the crypto market.. Jack Dorsey, the founder of Twitter and Square, announced that he expects Bitcoin to be the only currency in the world in 10 years. The announcement of these expectations by Dorsey, who knows the market closely, caused an upward effect in the market.. In addition to the positive developments, we can count the appointment of a Bitcoin-friendly president to the People’s Bank of China.. It was a pleasing development from the market side that the authorities left the issue to a long term rather than making hasty decisions and making wrong practices.. If these developments are not enough to think positively about the market, even knowing that the downtrend is not in the character of 2014 should be welcomed.. The reason for this is that we can say that the crypto money market has matured more and acted more resistant to bad news.
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