Bitcoin Price Prediction and Analysis: Why Bitcoin fell from $20,000 ATH? Manipulation in the cryptocurrency market. US Government to investigate. Saturday, May 26
Important Bitcoin News
Market Manipulation Allegations
The most notable Bitcoin related news are recent allegations, which claim that the BTC price fall from $20,000 was plotted by some higher influencers. On @TheCryptoFam twitter, there is a post with closer details to the analysis of past price falls.
The group has written: "Bitcoin reached its all time high (ATH) on December 17th of 2017, the exact date that CME futures trading began. In retrospect, it is now obvious that smart/institutional money was stocking up before that date. Hindsight is 20/20. Since 12/17/17, Bitcoin has been in a bear market. The remainder of this analysis will focus on patterns observed during this market downturn, as well as signals for when it might come to an end." They came to the conclusion that there is something unnatural about the price movements which is not directly related with speculations or economic factors.
Jim Cramer, who is a fund manager and host of CNBC Mad Money, once talked about how easy it may be to influence the cryptomarket: "It's a fun game and it's a lucrative game. You could move it up and fade it, that often creates a very negative feel so let's say you take a longer-term view into your day and I'm going to boost the futures and then when the real sellers come in, they're going to knock it down and that's going to create a negative view."
US Government research about price manipulation
Bloomberg has reported recently that The US Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies. They will be looking into various illegal activities and practices that could affect cryptocurrency prices like spoofing or flooding the market with fake orders. John Griffin, a University of Texas finance professor has said: "There's very little monitoring of manipulative trading, spoofing and wash trading, it would be easy to spoof this market."
The BTC price in last few days have been very volatile, which huge notable price spikes and falls. BTC fell from $7700 region down to $7300 in matter of hours just to recover quickly and stabilize at $7500. Another notable fall happened at the $7640 mark, when it dropped to $7402 in couple of hours. Today's Bitcoin Price is fluctuating around $7500 region with a slight upward trend.
BTC/USD Price Chart, Saturday May 26:
Bitcoin currently seems to be unsure which way it wants to go. On one hand, many people are impatient and would like to see BTC get back to the all time highs region very quickly. On the other hand, the community seems to start understanding that in order for the price to grow in a healthy way, there needs to be more utility for Bitcoin. After all, it has been created with the intention of being a convenient digital currency and not purely speculative asset for holding.
Current region of $7500 seems like a save harbour for the coin to wait until more people start using it as a currency. With more platforms and services accepting crypto as the payment methods and general raise in awareness about blockchain technology, there is a chance that Bitcoin will begin getting into the mainstream. And once it gets there, it will be ready to jumped above any imaginable highs.
The current goal is to get rid of the "purely speculative, highly manipulated asset" label and start being recognized as a "good store of value and convenient, fast, cheap and secure payment method". There is no need for rush when it comes to price if you really care about Bitcoin and the technology behind it.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
You may also like
Bitcoin News And Price Analysis: Bitcoin Dominance Still High As Coin Market Tries to Recover. Monday, August 13
Bitcoin News And Price Analysis: Speculative Suspicion of Bitcoin Price Manipulation. Saturday, August 11
Starbucks Not Accepting Bitcoins And Altcoins Despite Reports. BTC/USD Price Chart. Tuesday, August 7
Bitcoin News And Price Analysis: Intercontinental Exchange to Popularize Bitcoin. Sunday, August 5
Bitcoin News and Price Overview: Bitcoin Shakes Off Pressure of SEC ETF Rejection. Saturday, July 28
Bitcoin News and Price Overview: Google To Remove Crypto Mining Apps From Play Store. Friday, July 27
You need to login to create comments.