December 7, 2022

The slew of FUD emanating from mainstream media has reached a crescendo. Salacious headlines foretelling the loss of life of crypto have been rolling out over the weekend, however we’ve seen all of it earlier than.

The collapse of the FTX change and Sam Bankman-Fried’s crypto empire has made international information. Mainstream media likes nothing greater than to assault the crypto business, and it now has extra ammunition than ever.

Late final week, the often balanced Monetary Occasions got here out with “Let crypto burn,” with a pleasant image of a fireplace. The article mentioned that as an alternative of making an attempt to control the business, “it is much better to do nothing, and simply let crypto burn.”

Crypto FUD Fest Continues

“Is that this the top of crypto?” That was the headline of an Economist piece late final week. Once more, the salacious reporting blamed a complete business for one particular person’s irresponsible actions.

“By no means earlier than has crypto seemed so legal, wasteful and ineffective.”

Yahoo! Finance picked up on feedback from notorious Bitcoin detractor Peter Schiff on the weekend. This isn’t crypto winter, “that is crypto extinction,” he wrote in a Tweet that the outlet thought worthy of publication.

Schiff, who has bashed Bitcoin because it was buying and selling at $100, nonetheless thinks it should go to zero.

Mainstream media bashing crypto is nothing new. A slew of equally damning headlines was spewed out throughout the earlier crypto winter when markets misplaced greater than 80%.

99Bitcoins reviews that Bitcoin has been declared “lifeless” a whopping 466 occasions. It’s really greater than this taking these latest headlines into consideration.

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Bitcoin was declared lifeless 47 occasions in 2021 and has had a minimum of 26 ‘deaths’ this 12 months. One factor assured is that there might be extra claims like this earlier than the 12 months is out.

Markets Take a Beating

Possibly as a result of torrent of mainstream media FUD, markets are down once more this Monday morning.

Whole market capitalization has shed just below 5% over the previous 24 hours. This has despatched it again to the earlier cycle low of $830 billion. Coincidentally, this is similar determine because the cycle peak in 2018.

Bitcoin and Ethereum are each down closely on the time of press.

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