Was The Bitcoin Pump and Dump More Market Manipulation?

Was The Bitcoin Pump and Dump More Market Manipulation?
фото показано с : newsbtc.com

2019-12-5 08:45

Bitcoin has spent the best part of this week in a declining channel as it grinds lower towards $7k. A brief flurry of activity in late trading yesterday saw the digital asset surge over $500 in less than an hour. Six hours later it dumped the same amount which was music to the ears of the crypto critics.

Bitcoin Pump and Dump

Losses were starting to accelerate this week as BTC dipped below $7,100 according to Tradingview.com. Since the weekend high of $7,850 the king of crypto has dumped almost 10% as the bears return to the markets.

During late trading yesterday one huge candle saw Bitcoin surge $550 to wick out at $7,760. It instantly fell back to around $7,480 where it held for around six hours. What followed was a massive dump back to $7,100 resulting in a chart patter than looks very suspect.

Since then the digital asset has returned to $7,300 as the down trend has resumed. Sentiment has turned south and analysts are forecasting a dump into the $6k zone before the year is out. Indicators are mostly bearish so these minor moves are of little consequence in the grand scheme of things.

The move was music to the ears of serial Bitcoin detractors such as Peter Schiff who wasted no time harping on about market manipulation.

“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”

Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!

— Peter Schiff (@PeterSchiff) December 4, 2019

The comment was followed by a number of ageing posters who agreed with him claiming ‘Bitcoin is dead’, and the usual stack of memes from those that didn’t.

One possible explanation offered involved another Tether print.

“The pumps are often from Tether prints. They mint Tether & buy BTC w/ them. This pumps/holds the price. They then dump the BTC for non-Tether assets/fiat. As the market saturates w/ T they need to print more to continue that game. Who knows how much they’ve pocketed already.”

The USDT market cap chart was a little spurious yesterday with a dump to $4.07 billion followed by a pump to $4.14 billion. Volume also jumped from $18 billion to $24 billion indicating that Tether was highly influential in the movement.

It is also possible that mass liquidation of contracts on BitMEX may have caused it but either way it has happened before and is just part of the nature of crypto markets.

Bitcoin is volatile and for those that don’t like it, and there are many of them, sticking to safer, slower moving assets would be recommended.

Image from Shutterstock

The post Was The Bitcoin Pump and Dump More Market Manipulation? appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69427.55 (+0.14%)
Объем 24H $45.871b
Изменеия 24h: 2.63 %, 7d: -4.43 %
Cегодня L: $69039.59 - H: $69761.69
Капитализация $1373.154b Rank 1
Цена в час новости $ 7530.54 (821.95%)

bitcoin trading yesterday late flurry brief saw

Источник: newsbtc.com

bitcoin trading → Результатов: 126


How to Use AI to Benefit from Trading Solana, SEI, MYRO and Bitcoin

Trading digital assets can be a risky choice because of the incredible volatility of the crypto markets where assets can rise or fall by as much as 20%-30% in a single day. While the last year or so has seen increased mainstream crypto adoption, the latest indication being the US approval of the Bitcoin ETF, … Continued The post How to Use AI to Benefit from Trading Solana, SEI, MYRO and Bitcoin appeared first on BeInCrypto.

2024-1-21 11:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto firms launch the Global Dollar stablecoin to boost adoption

The Global Dollar is issued out of Singapore by Paxos and is “substantially compliant” with the MAS Tether’s USDT stablecoin accounts for more than 75% of the market Kraken’s co-founder said there is a “lack of competition” in the stablecoin market A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the […] The post Crypto firms launch the Global Dollar stablecoin to boost adoption appeared first on CoinJournal.

Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone

The partnership between The Open Network (TON) and Tether has reached new heights as the USDT stablecoin experienced a massive surge in just a few months since the start of their collaboration. A remarkable feat that saw a massive increase in the USDT on TON hitting over $1 billion in only six months, an indicator of the capability of the emerging dynamic duo.

Казначейство Tether выпускает еще 1 млрд USDT в сети Tron

Чтобы улучшить ликвидность на бычьем рынке, Tether снова выпустил огромное количество USDT в сети TRON. Выпуск за последние 12 часов соответствует стратегии Tether по поддержанию значительного предложения на всех основных биржах и блокчейнах.

Inside Tether’s Vaults: 82,000 Bitcoin And 48 Tons Of Gold Safeguard USDT

Tether’s USDT is the world’s largest stablecoin, with a market cap nearing $100 billion. However, like many top blockchain projects, Tether has been the subject of many questions and inquiries. And for Tether, most of the questions swirl around its reserves, which serve as its primary selling point.