Remember just a few months ago when we, the crypto community, sat in a constant panic wondering if we are going to receive some good or bad news about crypto that day? It felt like our entire portfolio balance was held in the hands of influencers and corporate billionaires. This dread was beginning to take a toll on investors, hence why a lot of them got out during that mini-crash.
Since May 2021, or even sooner, it appears that we don’t have to live in that state of panic any longer. Of course, we still see FUD (fear, uncertainty, doubt) on a daily basis… but it doesn’t seem to sway the market as much as it used to. Banks banning crypto purchases, false news about Amazon accepting cryptocurrency payments, you name it. We experienced a slight dip, but the market is on the rise yet again.
In my opinion, crypto investors aren’t phased by FUD as much as before simply due to the fact that there’s more knowledge and information being dispersed regarding crypto projects. Investors don’t necessarily need to read each negative article anymore because they 100% believe in the project they’ve invested in. While I’m sure it’s not the only reason, I believe it does play a major role.
Back in the early days of crypto, there wasn’t much to go off of regarding the information on projects. Each project seemed like a fintech start-up and investing was driven mainly by hype and speculation. While we still thrive on hype and speculation, logic takes over before following the herd of sheep.
I believe this creates a new, stronger sense of community within the crypto world. In this volatile, trustless market, we all have to stick together towards the end goal - a financial world that’s decentralized and more peer-to-peer. The more everyone realizes this, the stronger our community grows.
We used to get all of our information from media platforms, whether it be on social media sites themselves or just from changing the channel on TV. As the years go on, especially with election bias and COVID-19 misinformation, people around the world are beginning to take each new broadcast with a grain of salt… and it’s about time. That’s another reason why I think FUD doesn’t affect the market as much anymore. The dissolving trust between viewer and media provider is turning this world into a more logically inclined society instead of believing everything you hear.
The unfortunate truth is that we will never escape FUD. Media platforms will still spread misinformation, someone in your crypto chats will spark fear one way or the other, and the market volatility will scare the weak away. Regardless, we are beginning to realize that false/fake news isn’t affecting the market as much as it did in previous years.
Don’t worry… soon, it won’t matter what Elon tweets about!
Do you still think the market leans heavily on news?
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