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A few days ago, the news of Facebook acquiring Bitcoin hit the cryptocurrency market, and it spread in the crypto communities like wildfire. While the rumor did more good than harm for the Bitcoin investors, the small percentage of price rise was only temporary. In case this news would have been based on some credible sources, it would have made a huge difference.
The news was first reported on the public level by Alistair Milne- CIO of Atlanta Digital Currency Fund. Many Twitter followers of the CIO official Twitter account started to retweet a line that there are rumors in the market that Facebook has been secretly investing in Bitcoin. The news was not limited to the social media accounts only. It was picked up by big networks and made it seem more credible. However, in the end, it was confirmed that it was a mere hoax. Surprisingly, Bitcoin has managed to regain its bullish position since then.
Bitcoin is still experiencing a rush of Whales
If Facebook has failed to see the potential of Bitcoin, it does not mean that the flagship crypto has been abandoned by the institutional investors altogether. The crypto market behavior aggregator Santiment has recently reported that since Bitcoin has hit the $64,500 peak in mid-April, whales are circling the cryptocurrency as if it was plankton.
The Santimant report shows that whales that hold 10,000 Bitcoins have been added another 60,000 coins or more to their holdings. These addressed have been adding Bitcoin continuously to their addresses since the April ATH and have an estimated 90K Bitcoins under their possession. This amount is valued at $4.92 billion at present. This massive Bitcoin shopping has caused a supply drain.
The fake news managed to keep Bitcoin in the media for a longer time, and it seems that the interest of the investors is reviving. The source of the fake news could be a well-thought-out marketing campaign. Due to this news, many investors who were not taking much interest in Facebook’s new stablecoin Diem are now aware of its background. Facebook has reportedly tried to launch another stablecoin Libra.
However, due to the legal hurdles and opposition from the regulatory authorities, it could not be done. The Diem project is still waiting to get a clearance from the government authorities. Even though Facebook has not been found to have any association with cryptocurrencies, it still impresses the market with a 48% appreciation in comparison to last year, which the company attributes to higher ad rates and more ad campaigns globally.
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