We have known for years that the precious metals markets are rigged beyond belief. The bankers sell billions of dollars of paper to drive the price down, as was evidenced yesterday, you can read about it here.
https://www.fxempire.com/news/article/gold-prices-crash-large-sell-order-417024
Are we seeing the same thing in crypto markets? Below you can see three charts from yesterday on Poloniex, note the 20:35 timeframe highlighted with a red arrow. Here we have LiteCoin, Ethereum and Golem moving sharply in the same direction at the exact same time.
All 3 markets traded outside the bollinger band at the same time, so this could have triggered some technical buying, but it looked suspicious to me that these markets moved in almost perfect symmetry. Ethereum is a large capacity market with almost 78,000 BTC of volume in a 24 hour period, so this is not an easy market to move quickly.
We have seen similar sell movements across multiple currencies, it is curious to me who or what is manipulating these markets to such a large degree.
I hope many of you were able to buy on the 20% dip across the market yesterday, take advantage of these selloffs to position yourself for a recovery, and ride out the market manipulations. As we all know, crypto trading is not for the faint of heart!
Stay vigilant and Steem On!
