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Richard Adrian
Dec 5, 2019
by Richard Adrian

Is Bitcoin’s Pump and Dump Market a Sign of Market Manipulation?

Bitcoin
The leading cryptocurrency BTC has spent the better part of the week in a declining channel. Bitcoin ground lower and lower towards the $7,000 support. Meanwhile, a short term barrel of activities yesterday saw the coin rise by over $500 within only an hour. After six hours, the currency dumped the same amount, giving enough reasons to crypto critics to go on ranting social media pages.

Bitcoin Pump and Dump

Bitcoin losses had began to accelerate at the beginning of the week, creating a price point that seemed trivial not to last. However, after the weekend high of $7,850, Bitcoin dumped at least 10% signifying the return of bears to regain their market glory. 

Meanwhile, during yesterday’s late trading, one massive candle saw bitcoin correct upwards by $550 and attain the price point of $7,760. While most bitcoin traders thought this was just the beginning of a gradual acceleration towards an end-year gain. Sadly and interestingly, the price fell back no soon it had gone past the $7,850, only to shed at least $550. What took place was a huge dump back to the $7,100 support, resulting in a very scary and suspicious price pattern. 

 

bitcoin

Since then Bitcoin has returned to $7,300 and is currently trading at $7,303. Signifying resumption to the downtrend. Nevertheless, crypto sentiment has already turned south and traders are anticipating a dump towards the $6000 price zone;  before the end of the year. In fact, almost all indicators are bearish and the minor upwards are outwardly of little impact in the grand system of facts. Meanwhile, some analysts such as Peter Schiff attribute the price movements to market manipulation:

“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”

 

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Is Bitcoin’s Pump and Dump Market a Sign of Market Manipulation?
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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