In the last 3 months, we have seen Bitcoin take off like a rocket, hit a glass ceiling and seemingly be suppressed and manipulated to no end. This has soured the overall market sentiment of new investors and has caused discomfort amongst those who have been in the space for a while. Let me be the first to tell you, its going to be like this for a while.
Recently it came to light that the Mt. Gox trustee has been recklessly dumping massive amounts of btc onto the market causing extreme price swings. One would say well one person cant honestly control the market, and my response is "one person can't but a hoard of scared people can".
Whenever BTC has a large-scale dump anyone not season to volatilityy immediately become unnerved and rush to sell before they get dumped on. Thus furthering the effects of the original sell-off and causing a cascading drop in price. To make matter worse, whale know this and recognize when the market is in flux, so they will add fuel to the fire by putting up massive sale wall in hopes of pushing the price down further. This will allow them to buy cheap BTC and later resell them higher after they lift their walls.
I say all of that to say this. The price manipulation in the crypto space will have a hard time having major growth, while those who paid $2-3 per coin still control a mass majority of it. They have plenty and can sell at any price while still remaining wildly profitable. Only when we have a more decentralized holding of Bitcoin will we truelly see its growth. Until then we are at mercy of mega whales that have nothing better to do then cause panic.
And you know they are shorting it everywhere they can as they dump. Unfortunately, I imagine those with the resources and balls to buy through the entire bear market will be of the same ilk that are manipulating it and we will not see the wealth spread out but rather consolidate.
Bitcoin has been like the history of capitalism played at 1000x speed. Although I have no figures to back it up, I bet we are at about the same distribution of wealth as with fiat.
I agree, and what sucks is that we are pretty Much to late to stop it.
yep i agree with that.
You're right... I heard all of this bear market was caused because some whale dropped 400 Million in btc.. just one whale can do this imagine what a few can make.. Holy $%&#
6-7000 bitcoins being dumped all at once can cause a severe ripple effect. Such as Stop loss triggering, which causes a cascading dump.
Indeed.. eventually the market will recover and we all can go back to earnings again ;D
Yup and if you bought in, you get quick profits.
I bought at the beginning of the crash because i though it was a dep so I bought.. now I'm hodling them xD
Nothing like forced hold.
yeah well... soon it will become bullish again ;D
Now against the news of SEC and Binance there was a fall!And tomorrow he will fly again!;)
Hard to see what triggered today’s crash, think you’re right though, probably more Mt Gox dumping.
Mt Gox dumps have all coincided with the last 3 crypto dark days.
Japan suspends two cryptocurrency exchanges in hopes of strengthening security
Those exchanges were not following terms set before them.
Call it psychological manipulation. This is how any crisis works.
Shouldn’t be this easy. We are talking about billions of dollars floating in the wind.
I don't think that we will see a crash like Bitcoin by 6000USD - there was some news that Binance was hacked. There wasn't any other bad news that crypto will crash
All fud. The hack was handled quickly with no funds lost.
Right brother 😲
wow very nice post
It's a FUD controlled market... however wisely handled by BINANCE