goldenrulesoftrading

The term "duck" (originating from the French word "canard") is used to refer to misleading and false information, particularly in the form of a hoax or unverified news report.
A "duck" can be used as a phishing technique, a trick, or a means to accomplish specific objectives or purposefully damage someone's reputation, or vice versa, to attract audience's attention. Frequently used by politicians, public figures, and famous singers and artists.
And in trading! And in the crypto world!
🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆
"The term "duck false information" in the context of cryptocurrencies refers to both a linguistic term for hoaxes and a specific market situation where deceptive projects or news are "quacked" in order to influence #InvestorsDecision "
Common tactics include "pump and dump" schemes, AI generated content, fake ICOs and social accounts, unverified information/news, insiders information and rumors, etc.
The stats show that it caused losses of more than $5.6 billion in 2023.
The Rule 3 of the #GoldenRulesOfTrading (see my previous posts) states that you should always be informed, refers to knowledge of the market’s current state and the dynamics of the financial markets: what is going on now, what will happen, and what has already happened. And also, it refers to a "duck" type of information or news that occasionally/regularly surfaces on the internet, social media, and the news.
Here are a few examples:
In September 2021, one of the most well-known #CryptoDucks happened when a fake news release was sent via a legitimate wire service.
The False Claim: It claimed that all of Walmart's online businesses would start using Litecoin ($LTC ) as payment.
Market Impact: The price of Litecoin increased by more than 30% (from about $175 to $230) in a matter of minutes after the news was reported by prominent media outlets, including Reuters, CNBC, and Bloomberg.
The Debunk: As soon as Walmart declared the news to be "inauthentic," the price plummeted back to its initial levels.
🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆
The 2021 "Amazon-Bitcoin" rumor
A London-based tabloid said in July 2021 that Amazon would accept Bitcoin by the end of the year, citing an unnamed insider.
The False Claim: According to the report, Amazon was prepared to introduce plans for Bitcoin as well as for Ethereum, $ADA and $BCH
Market Impact: The price of Bitcoin surged 14.5%, reaching a six-week high of around $39,000.
The Debunk: Amazon made an official denial, claiming that although they were interested in the area, the particular rumors about their intentions were untrue.
🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆
Fake ETF Approvals (2023–2024)
The recent "duck" has been focused on regulatory milestones, specifically Bitcoin ETFs.
BlackRock Hoax (October 2023): A fake report was from a prominent cryptocurrency news website that stated that the SEC had approved BlackRock's Bitcoin ETF, which led to a quick spike to $30,000 and liquidations totalling around $100 million.
SEC Account Compromise (January 2024): The SEC's official X account was compromised, and a false post was sent from it claiming that all Bitcoin ETFs had been approved. This caused the price of Bitcoin to reach about $48,000 before the SEC recovered control and disowned the post.
🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆
You may now keep track of how frequently you come across the "ducks" type of information when reading about cryptocurrencies. You'll be surprised at how frequently this occurs.
As a novice wanting/aiming to become a professional cryptocurrency investor or trader, you need to be knowledgeable enough to distinguish between "ducks" and "insights" in order to manage your crypto assets portfolio or trade effectively and to make well-informed and strategic decisions.
Good luck!!!
🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆 🦆
Always "DYOR"
#BitcoinVsGold #TrumpStateoftheUnion