They have the power to hold the market down to buy up cheaply, then they push the market up, which in turn pushes up the Alt Coins.
By controlling the dollars, they control sentiment. If the market is moving up, people want to get on it, which further pushes the market up. Once it reaches a point, these big players take their profits, and the market recedes extremely quickly, and everyone exits their trades at a loss to get out of a falling market.
Yep...you said it. Our best hope is really good news (like today at the G20 summit) and a good run and a massive influx of retail money. Or it is going to be rense and repeat. And of course more fiat gateways for certain alt coins would be good. It would unhitch BTC from alts in the west (the top 10 are pretty much unhitched in the east (ASIA) to an extent from the top 10 alt coins)
well im hanging on to my bc for dear life manipulation or not futures all that stuff and the fact there can only ever be 21 mil of em a quarter of wich are permenantly lost so recon its a good bet in long term and if all goes to shit there might be enough value in them to buy a pizza.
The news also follows other big-name Wall Street firms who have been reportedly trading bitcoin or crypto-based exchange-traded notes and futures products. This year at the World Economic Forum in Davos, Goldman Sachs Lloyd Blankfein explained if clients want to trade BTC they will help facilitate. “We’re clearing futures in bitcoins for some of our futures clients — We’d clear them,” explains Blankfein. “We’re a prime broker, and so if our clients are going to do it, we’re going to do it.”
Back in September of 2017, Jamie Dimon explained that bitcoin traders were “stupid.” But the firm was caught red-handed trading BTC exchange-traded notes for clients. Further, the company has stated it is open to offering clients CME and Cboe bitcoin futures.
Jane Street is different than JP Morgan and Goldman as it uses the Ocaml programming language that helps the firm’s traders quickly execute trades in changing market conditions. The company has even released some open source code for its Ocaml libraries. Jane Street did not reveal to the press how it was actively trading cryptocurrencies.