It's very obvious this "news" is why the dump happened. That much is clear. This is not small news (if it were true). If it were true it'd be the end of blockchain! It's 100% the reason the market dumped today. It's just sad that a false story like this causes a market dump through support levels and going lower than it ever would have otherwise. Great for people who were waiting to buy lower, but this false news story looks like it will extend and deepen this correction which is pretty absurd. Looks like $30k might just break in a few minutes on this false news - down to low $30,000 right now.
It's not obvious at all, but people do like to think that they pinpointed the exact reason why price suddenly increased or decreased.
If this fake news about double spend indeed caused the price drop, why price didn't go up as soon as it was proven that its nothing but a fud. Corrections after a big really always happen so i don't know why is everyone surprised that it is happening. People expect we go straight to 100, 000 USD without few bumps on the road?
Come on now. It's blatantly obvious the fake double spend news caused the drop. It's not about trying to pinpoint exact reasons, its just very obviously what caused the drop, so there isn't any reason not to point it out. Article about double spend comes out last night (which would be endgame for the entirety of blockchain if it were real), immediately price plummets through support levels. There isn't any question about the dump being caused by the article. You just trying to be contrarian by arguing against what we all know or something? ha. I guess you're just arguing for arguing sake haha.
If you've been around long enough you should know this type of news causes drops. News affects price as we all know (or at least you should know). This drop was solely caused by the fake double spend news.
Why didn't it immediately go up afterwards you ask. Because the market isn't a robot haha. The fake news caused support levels to break and price to drop a few thousand dollars, and so the rest of the market is now responding to those support level breaking, doesn't matter that the original reason they broke is from a fake piece of news. Also I'm sure some people in the market haven't realized it was fake yet. I'm sure some other people saw the news and preemptively sold in the correct assumption that the market would freak out about the news even though its fake. You asking that question reminds me of a couple years ago when there was some like bad news about Goldman Sachs in relation to bitcoin that caused a dump but it was incorrect and later when corrections were made to the incorrect article price didn't go back up - it's because the initial piece of news is the attention grabber, a correction to some news later on that nobody really sees doesn't make waves and effect the market like the original attention grabbing headline does. Price just doesn't magically go up $4000 after a mass panic sell just because the reason people sold was false.
Anyway, now that this fake double spend article has crashed the price below support levels its just gonna take that much longer to get back to pushing new ATHs in this bull market. I feel bad for the masses who saw the article and panic sold, but that's the way the retail bitcoin market has always been!
