So BTC has been on a nice swing these past few days.
Call me a purist, but in some ways I hate this.
Why?
Glad you asked.
Here's a one hour chart:
Look carefully here:
That big green candle with big volume spike occurred at exactly Friday 4:30pm Eastern.
Why Friday at 4:30? Because that's when options contracts start executing.
So what we have here is a bunch of short futs or puts that got hit at expiration and all the market makers & contract writers having to cover their positions.
There's 2 fundamental problems with this.
1, In a free market naked positions would not survive. So the fact that they had to buy to cover so much is just showing the degree to which those contracts are rigged.
2, None of this has anything to do with a blockchain. These are paper derivatives pushing the price of BTC around.
I know, that's nothing new. But I still hope these games are killed sooner rather than later.