Hello Steemit Community!
This post is inserted in the new created series Introducing: Crypto For The Day blog post series , you can follow all the post in the tag #cryptofortheday
This past week we seeing Bitcoin taking a big dominance on the market and Altcoins getting crushed, some losing almost 80% of his value in a few days.
For me this is kinda sketchy because is a big "dump" on altcoins and the Bitcoin Gold fork is only in 25 october, in my opinion this is pure market manipulation by big whales.
There is another possible reason...
'LedgerX' institutional trading platform launches this week and to even have a LedgerX account you must prove $10m capital and $1m hedgable liquidity available for trading to open an account.
This introduce a big investment fund and alot of money entering the cryptocurrency market and for now investors are looking for Bitcoin as they main investment.
Even is this new development still the altcoin market taked a huge hit and i found this event as pure manipulation to get free bitcoin gold, sell bitcoin a better price and to lower the altcoins price so after the fork they will boom more.
I find this interesting article Opinion Bittrex Anomaly
Is very sketchy you see almost all alts dumping in the same exact time, following bitcoin rising causing more panic selling.
We all know the market is very manipulative and for those who got caught by emotions you are playing the whales game and you are losing. My advice? If you have alts just hold, they will go up and potential new highs, if you have bitcoin get bitcoin gold or simply sell near 5000$ to usdt and then buy lower.
Follow me on Twitter @johnycrypto
If you like this post or have something to say or ask, please upvote, follow and comment :D
