What happened with Bitcoin the last days?
Who was pumping it?
These are some questions many are trying hard to find an answer.
One thing for sure is that retail users were not buying because the number of transactions in the bitcoin network did not increase, neither the fees like it happened in 2017. The average fee to send a BTC transaction is around $3 and it has been the same in the last few months. In 2017 the fee to send bitcoin hit $40. Also, google trend data does not show a lot of increased searches about bitcoin to justify the sudden price spike.
Excluding the retail, the other options are big investors or institutions. But something we know for sure is that institutional investors never buy a 300% pump.
But excluding retail and institutions, who is moving the price by many thousands in a day?
A conspiracy theory says that this is “The Cartel” manipulating prices. The bitcoin market is still new and small and is easy to manipulate the price. Despite the big volume shown on coinmarketcap.com 90% of that volume is fake, so “The Cartel” can easily move the price booth sides. And a good tool to do this has been the futures where you can do it without even touching Bitcoin.
However, whoever did it during the dump they bought Tether, so the long-awaited season did not happen. And looking at the recent developments with regulators going after Bitfinex and Binance, it wouldn’t be a surprise if they or booth are responsible for these violent price swings in bitcoin.
But more than who is doing this, a good question would be why?
Going on with the conspiracy theory a thing that this “show off” points to is that, look how dangerous is bitcoin. The Cartel does not want the average Joe to get into bitcoin and with this move is trying to tell him that look how dangerous this kind of investment is.
However, these are just opinions and we would like to hear what our reader think about this exciting week in crypto and the big price movements in Bitcoin.