Commentary? Kragor's Fake News Caused a Price Spike, Here's Why
- Gavin Smith, CEO at Panxora
- 08.11.2021 09:00 am #cryptocurrency
Gavin Smith, CEO of Panxora comments:
Stories like this and the market behaviour that follows should be a wakeup call concerning market sentiment for retailers. I know we have seen niche retailers like Tesla and Overstock make use of crypto for marketing purposes, but the first major retailer to actually make that move could steal a significant advantage with the crypto community that could lead to opening the doorway to new customers and a gateway to sustained brand loyalty.
In term of investors, when trading any asset, the investor should have a well thought out and researched reason for taking that position. Trading purely on the basis of a single piece of news often leads to poor results, even when the news is true.
It’s always better to be well researched rather than to be the first one to hit the buy button.
In regards to the price spike, these anomalies in price are usually short lived though prevalent in the crypto market where much of the volume is attributable to retail investors who are characteristically less critical about their trading decisions than professionals.
