By Aaron Mak
Bitcoin whales have immense power over the market.
A mere 1,000 people own 40 percent of the bitcoin market, according to a report from Bloomberg. As the cryptocurrency’s value climbs to new heights, these “bitcoin whales” have even more power to sink or float the market, potentially in coordinated schemes.
Wednesday
Bitcoin’s value fell below $10,000, its nadir for the week. It was almost 50 percent below its $19,500 peak in December. Analysts feared at the time that the currency could drop as low as $5,605.
Although it seems likely that news of tightening regulations in Asia spurred the minor crash, as many of its countries are bustling hubs of cryptocurrency activity, it’s never entirely clear what motivates a slump or surge with these prices. While many experts blamed the potential government crackdowns, others suggested that the fall might have something to do with the fact that Asian traders are cashing out their bitcoin in order to have money on hand in anticipation for the Lunar New Year, a holiday celebrated throughout the continent in February that involves gifts, feasts, and travel.
But the other Theory is:
The CME Group is, however, not just the “world’s leading and most diverse derivatives marketplace” but the most “divisive and corrupt marketplaces” in the world today.
All markets are subject to manipulation. Since we began trading in open bazaars market manipulation techniques sprang into being. The techniques developed then are still in play today, they just get more and more sophisticated.
And when the manipulators are a protected class of bankers controlling the wealth of the society the possibility of institutionalized manipulation and fraud exists.
Because if Bitcoin is to cryptocurrencies what Gold is to the dollar reserve standard then controlling Bitcoin’s value, the thinking goes, should control the value of all the cryptocurrencies.
https://hackernoon.com/bitcoin-futures-the-bank-attack-on-the-crypto-market-29e1b38a5da
So I was observing and after the contracts closed on Wednesday January 17, 2018 the market jumped. And the bears won Bitcoin was down! It affected the whole market.
It might have been a coincidence but I will be watching CME futures end January 26 and I think that until then the market will still be low because of price manipulation. The next contract ends on February 14, 2018 and Bitcoin may go up before that day. I'm not a specialist but I'm reading several articles and trying to follow the pattern because I want to follow the whales.LOL
What is your opinion?
