A Desperate Attempt to Destroy Bitcoin and Digital Currencies by The Weapon of Fake News

It is known that the People’s Republic of China has decided a few days ago to ban the operations of initial currency support (ICOs) and funding of the start-up companies from these suspicious and illegal transactions.

This shocking news has had a negative impact on all digital currencies starting with Bitcoin to Ethereum and Ripple, Bitcoin cash, light coin and other giant currencies such as NEM.

Of course, this news was true as it was reported by trusted mass media, furthermore, The Central Bank of China issued an official statement in which it confirmed this news and explained the reasons for this decision. It was reasonable and logic considering that the authorities in this country are fully committed to laws enforcement and prevention of any unfair practices for investors, companies and individuals.

• But another wave of losses returned after the spread of this fake news!

The Bitcoin and digital currencies sector has many enemies absolutely, including the fanatics of cash money, gold, silver and global stock markets who can’t accept the idea of untouched virtual currencies, although the cash money we deal with in our daily life, dollar Firstly, don’t depend on gold and silver to determine their value but they depend on the principle of supply and demand which is the same principle of the virtual currencies.

Surely, a number of them have news websites that are attacking the digital currencies and sometimes they exaggerate in attacking them. They restricted them to the Bitcoin currency, although there are great currencies with better features and have trusted companies behind them such as the Ripple.

The fake news, which some websites have reported initially and then published in some big mass media, including professional ones which charged their sources with the responsibility of the “credibility of the news”, shook the digital currency sector and caused it to incur heavy losses, so far, some websites described what was happening as the beginning of the end.

We are talking about the news of stopping the platforms of local digital currencies exchange in China, at a time when it is confirmed that they are still working, even if Reuters has contacted some of the famous platforms in China such as Huobi, BTCC and OKCoin and they confirmed that they didn’t receive any request from the Chinese authorities to suspend their activities.

Other analysts were surprised by this news, especially when we know that China had accepted the idea of digital currencies and had a number of the largest stock markets for exchange for digital currencies in the world and had worked over the past months to codify their activities and cooperate with them.

•   Fake news is a big trick!

The widespread of this news has prompted some investors to sell their currencies for fear that this may be actually the beginning of the end.

After making sure that this news was fake, regret and sorrow will be of course the sense of those who hurried to get rid of their digital currencies.

There is still an opportunity to buy currencies and invest again in Bitcoin and its competitors, especially the Ripple and NEM. At the moment, we have noticed the beginning of the market recovery slightly.

The intention behind this fake news may not be the destruction of the Bitcoin and the digital currencies but to lower their prices to the lowest possible value then buy to achieve good profit margins.