Was the recent Bitcoin Pump nothing but market manipulation?
Bitcoin spent most of this week in a declining channel and continues to move towards 7 $. In late trading yesterday evening, the Digital Asset rose over in less than an hour 500 $. Six hours later, BTC lost the same amount again – music in the ears of the crypto critics.
Bitcoin pumps and dumbles
Losses increased during the week, according to Tradingview.com BTC is under 7. $ dropped. Since the weekend high of 7 850 $ the crypto king has almost % lost – the bears have returned to the markets.
Bitcoin rose $. He immediately fell back to around 7 . What followed was a massive dump back to 7 suspicious chart pattern.
Since then, BTC has returned to 7. 58 $ as the downtrend has continued. The mood is bearish again. Analysts predict that before the end of the year, a crash in the 6th – $ zone takes place. The indicators are usually pessimistic, so these little movements are of little importance in the overall concept of things.
The fall was, of course, music in the ears of typical Bitcoin haters like Peter Schiff, who wasted no time talking about market manipulation.
“Bitcoin pump and dumper lose their mojo. They managed to increase the price in a minute by But the dump has reversed the entire pump in just 7.5 hours with a drop of 8%. If # Bitcoin-Pumper can not attract new buyers, the game is over. Watch out! “
Many users agree to ship and claim that “Bitcoin is dead”. Then follows the usual charge Memes.
One possible cause of the price movement: another tether print.
“The pumps are often of tether prints. They shape Tether & buy BTC with it. That pumps / keeps the price. You then give BTC for non-tether equipment / Fiat. Since the market is saturated with T, they have to print more to continue this game. Who knows how much they have already plugged in. “
The USDT market capitalization chart was a bit strange yesterday – with a dump on 4, 00 Billions of dollars, followed by a pump on 4, 05 Billion dollars. The volume also increased from 24 billion dollar
It is also possible that the mass liquidation of BitMEX contracts has led to this, but: either way it has happened before and is only part of the crypto markets. Bitcoin is volatile and those who do not like it are recommended to use safer, slower running assets.
Text Proof: newsbtc