I recent days, I have read several articles about the price drop in Bitcoin from $20k down to $6k was manipulated.
On May 24th, CNBC posted an article titled,
The article talks about an investigation into the practice of spoofing. Spoofers trick other investors into buying or selling by entering their own buy or sell orders with no intention of filling them. That creates fake demand that pushes prices up or down.
On May 24th, Bloomberg posted an article titled,
The article talks about the illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling.
On May 25th, CCN.com posted an article titled,
The article talks about institutional investors through Bitcoin futures manipulated the market to cash out short contracts by purchasing and selling massive amounts of Bitcoin.
I’m not surprised, even warned about this manipulation in my 2nd ever post on SteemIt.
In that post, I mentioned, according to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.
I later went on to state the Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.
I than reminded the Community a month later,
In that post I referenced an article from Bitcoin.com which stated the Number of Cryptocurrency Hedge Funds Rises to 226 Globally. I later went on to stated how the Big Boys hit my downside target at $6k and now price was going to move up to $12k.
So, the next time you see another headline talking about Bitcoin price manipulation, don’t be surprised, just realize this is how the Big Boys operate and make sure you adjust your playbook accordingly.
