One thing I can say about the current crypto market is that Wallstreet had trouble getting Bitcoin and the other currencies where they wanted it. Now that it's back at 6000, they are throwing as much FUD as they can at it. You can literally time it by the daily, weekly, and monthly issues that seem to randomly pop up. Take for example, people who have no business talking about Bitcoin such as Jordan Belfort. He's not relevant anymore, but he will use his infamy to slap an "I told you so" on something he doesn't understand.
Right now, while the weak hands are selling off, you'd better bet that big money is doubling down and hedging their bets on marketing FUD, buying up coin slowly, creating their own blockchains, and simultaneously betting for and against the crypto markets with futures. It will only last so long. Don't be caught without some coin when Bitcoin rockets up in a year or so.
wow great post
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Thanks, i'm just trying to see the big picture and spread the word. Also you have a new follower. :)
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Personally I don't agree. Many crypto traders are newbies who trade more than what they can afford to lose. In this scenario market manipulation is very easy, also considering that many exchanges charge 0 trading fees to operator who trade large volumes (for example whales). By this way, pump and dump also on short timeframes are very simple
If they manipulated crypto market, they did it very easily
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I agree with you about the personal responsibility aspect. The other thing I didn't mention was how the crypto world shot itself in the foot with the whole "flippening" last fall and various other games. The greedy investors/ and founders forgot that when Bitcoin, the most recognizable coin, falls so does everything else. All that wall street had to do during this debate was open futures and bet against the market which was based on emotion. In a market filled with speculators not using the currency as a currency everyone saw the correction coming, but I thought at the lowest 8-9k. The current price shows a protracted campaign however severe.
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