Erroneous media reports recently claimed that BlackRock, the world’s most substantial asset manager, had acquired the distressed crypto lender Voyager Digital. This misinformation momentarily inflated the value of VGX.
The incorrect news circulated on major media channels like the Associated Press, which presented it through a paid press release. Upon debunking the news as false, VGX underwent a sharp depreciation.
VGX Price Temporary Boost Due to Fake News
Apparent indicators were suggesting the unreliability of the report, most notably its dubious source — a Twitter account with a singular follower — which naturally raised red flags.
Yet, many media outlets hastened to share this uncorroborated news, neglecting essential verification processes. Some of these outlets have not retracted their stories, even in light of the undeniable refutation of the claims.
Read more: Best Crypto News Aggregators 2023
While the perpetrators behind this misinformation are yet to be identified, it appears the primary objective was to manipulate the VGX price artificially. The scheme momentarily worked, causing the token to spike 8%, peaking at $0.15335.
Once the news was confirmed as false, the price of VGX sank by 15% to reach $0.1248. This decline illustrates the diminishing interest in the beleaguered digital asset.
Read more: Voyager Token (VGX) Price Prediction 2023/2025/2030
This incident underscores the tactics employed by manipulators in the crypto market. Since cryptocurrency values often pivot on news, malicious actors increasingly distort prices by disseminating deceptive narratives.
BlackRock’s Ventures in Crypto
BlackRock has lately expanded its footprint in the growing crypto market, as evidenced by its application for a spot Bitcoin ETF in June. Moreover, a 2022 study revealed BlackRock’s suggestion of an 85% optimal allocation in leading cryptocurrencies.
Read more: Top 11 Public Companies Investing in Cryptocurrency
Furthermore, BeInCrypto highlighted BlackRock’s investments in four of the top five Bitcoin mining firms by market capitalization. These moves align with the firm’s CEO, Larry Fink, who has publicly articulated a revised stance on crypto investments.
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