The Invisible Hand that Moves Bitcoin Price by $1k in Minutes

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Bitcoin lost $800 in minutes yesterday 27 July in a sharp move that broke the $10k support level.

The price dropped from $10,110 to $9,419 without any known reason leaving analysts are commentators without words while trying to understand what is going on the crypto market.

Among with the other theories about the sudden drop is that of the “invisible hand” that makes these sudden moves up and down.

Manipulation is a common thing in thing in the financial markets where big players play the cat and mouse game with retail users. Even in the biggest markets like gold and other precious metals big players have been caught doing market manipulation. But crypto being a small and unregulated market is the heaven for market manipulators.

July has not been a good month for bitcoin which is down nearly 16% this month, however bitcoin outperformed altcoins. This month Ethereum dropped 24 %, Litecoin dropped 34% and Ripple dropped by 32%.

Another interesting thing is that bitcoin is hovering at the levels it was when Libra whitepaper was released while altcoins crashed.


Charts source zerohedge.com

What are your thoughts about those sudden moves that happen in minutes without any obvious factors.

Feel free to post your thoughts in the comments below.

You might be interested in: The Real Bitcoin Trading Volume is So Small That Futures Easily Control The Price

or

16 Big Banks in Court For Currency Market Manipulation

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

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