Quick take:

The last 24-hours on Twitter and the internet has been riddled with reports of Twitter accounts of prominent global personalities and companies being hacked. The perpetrators of the hack tricked people into sending Bitcoin to a BTC address with the promise of doubling the amount of Bitcoin sent.

Affected Twitter accounts include the official handles of the Gemini Exchange, Binance Exchange, CZ (Binance CEO), CoinDesk, Trons Justin Sun, Elon Musk, Charlie Lee, Chas App, Coinbase, Bill Gates and even Kanye West. Below is a tweet by Zilliqa highlighting some of the affected accounts.

A quick Google search of the Twitter hack reveals that mainstream media is denting the reputation of Bitcoin through the wording of their headlines to highlight the event. This fact was pointed out by @100trillionUSD via the following Tweet. @100trillionUSD is the creator of the famous Stock-to-Flow model of Bitcoin.

A quick glance at the crypto markets reveals that news of the Twitter hack and its association with Bitcoin

Revisiting the daily BTC/USDT chart courtesy of Tradingview reveals that there is a high chance that Bitcoin could drop further as a result of the Twitter hack.Taking a closer look at the chart reveals the following situation for Bitcoin.

Summing it up, the coverage of the Twitter hack by Mainstream media is hurting Bitcoin by labeling the digital asset as the preferred currency for criminals. As a result, Bitcoin and the general crypto market is in the red with BTC possibly headed into bear territory in the hours and days ahead.

As with all analyses of Bitcoin, traders and investors are advised to use stop losses to protect against sudden volatility. Another tactic would be to implement a wait and see approach during uncertain times such as now.

Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the authors and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Twitter Hack Coverage By Mainstream Media is Hurting Bitcoin (BTC) - Ethereum World News