Over 80% of Americans consume their news through their smartphones on news websites and social media platforms. Given that crypto is on every major news outlet now and every social media platform, it's safe to say that media outlets have an influence on the crypto market now as well. With everyone being glued to their phones at some point in the day, someone is bound to learn a little more about crypto each day that passes.
I was that guy until I gained enough knowledge and confidence in that knowledge to start publicly talking about it... but I am no "Crypto Genius" obviously. We all learn new things everyday and I am definitely no different! So today, let's learn about how media influences the current crypto market and what we can do about it!
I am not sponsored by anyone or anything mentioned in this article.
This is not financial advice. I am not a financial advisor.
Please do your own research before making any decisions before investing.
This article is meant for educational purposes only.
How do you get your news? Specifically your crypto news? Is it Publish0x? CoinDesk? Facebook? Reddit? Getting your source of news is rather different now than it was many years ago when all you had to do was go buy a newspaper and open it up. Not only is this more convenient, but it can be way more beneficial to the reader. Rather than getting news from one source and one source only, the reader has the option to explore various avenues to obtain their news from multiple different outlets. This allows you to compare and contrast different opinions and view different data others may not have covered already.
You know the media too... quick to jump on literally anything that excites the common individual. Amidst all the terrible news going on in The United States and other countries, media outlets still manage to hold crypto on a high pedestal. Why is this? Well, like I just said, it's very exciting. The promise of a decentralized currency that can be used worldwide without any regulations or restrictions? The promise that you could potentially be the next Forbes headline from your profits on crypto? Crypto just seems to tickle everyone's fancy at this point because of the hype created from media platforms. Heck, you've seen what Elon Musk does to Dogecoin, or what several outlets do to Ripple. Yikes!
Although it's tough to say, media influences the crypto market either in a positive or negative way and it fluctuates accordingly. This makes following the market more difficult, as you need to stay up to date and follow multiple outlets to ensure you are getting fast, efficient news in an already volatile market. Just watch, the next time a major media platform/influencer discusses crypto, head over to your favorite market tracking app and see how this affects the price live time.
That's why it's important to do your own research by looking at various different sources. News and media can be extremely biased, especially in this day-in-age. Keep a watch for "fake news" and be vigilant! Before you make any decision, whether good or bad, you're better off checking multiple different variants of coverage and cross-checking factual information. Don't forget the 6 P's of Planning!
Proper
Planning
&
Preparation
Prevents
Poor
Performance
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