Bitcoin and Bittensor (TAO) Targeted by FUD Waves, as Altcoins with Low Financing Rates Offer Buying Opportunity: Santiment

The cryptocurrency market has been shaken by the increasing wave of FUD (fear, uncertainty and doubt) lately.

Investors’ attention has been drawn to two cryptocurrencies amid the rising wave of FUD (fear, uncertainty and doubt) in the cryptocurrency market, analysis company Santiment reveals. While Bitcoin (BTC) and Bittensor (TAO) have come under the influence of FUD for different reasons, investors’ concerns are mounting. Santiment reveals three separate altcoin projects are concentrated in terms of short positions.

Bittensor was hit with a security vulnerability recently, leading to the theft of $8 million worth of TAO from user wallets. This event damaged investors’ confidence and led to a 15% drop in TAO prices. While the attack is reportedly caused by a private key leak, investigations are ongoing. Bittensor was put in “safe mode” and transactions were halted pending further updates.

As reported earlier, Bitcoin has managed to spark investors’ fears as it fell below the $60,000 level. This short-term decline has pushed traders to sell their holdings “before it is too late” and talk about worrying trends, according to analysts.

Santiment suggests in a post that altcoins with low financing rates could be presenting a buying opportunity by leveraging FUD. According to the research, the three altcoins that stand out with intense short positions on the Binance exchange in the last 24 hours are Balancer, Chromia and Celer. Short liquidations in these altcoin are observed to be leading to price increases by Santiment.

FUD is a common occurrence in the cryptocurrency market. It can lead to sudden price fluctuations, causing investors to become fearful and uncertain. This can lead to panic selling and investment losses. It is important for cryptocurrency investors to be careful about FUD and do detailed research before making their investments. Obtaining information from reliable sources and avoiding emotional reactions can help minimize the negative effects of FUD.

The cryptocurrency market is still an evolving and highly volatile market. Therefore, it is important for investors to be aware of the risks and plan their investments carefully. Being alert to FUD waves and having a long-term perspective is key to achieving success in the cryptocurrency market.

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