It was Manipulated.
Have you noticed folks what happened past weeks.
Crypto Investor - You wanted to see if large quantities would affect the market?? Well here it is !!!
I didn't pay attention at first, but I remember past weeks several times in different altcoins, there were huge unusual market purchases, with 100's BTC's worth and more, it produced spikes and even started rally's.
The prices went everywhere too high too fast - creating a bubble and it makes people unsure.
Instead selling at the top, those same large quantities were sold after the action at market price, just before the first crash, when all action was over,, just at a time when it is calm and when there is low volume.
What effect do you think that produces ???
I can't imagine a trader who would do that here ???
I observed it again, in several altcoins when the dump was happening just before the second crash.
Its not China news, its not the coming Chinese new year
But someone wants those prices down. I'd love buy more lower but this is enforced upon us for their own agenda !!!!!!!!!!Wall street's Futures are down - So BTC has to go down, (seems there is more Profit in futures when spending a little money pushing Btc down)
Same large market orders to sell, were dumped with Gold and Silver 1.5 week ago, go check for yourself ! (nobody throws their gold away, this was intentional)
Even bitconnect had a suspicious ddos attack past days.
We all know how the future BTC price will be. Let the crypto market do its thing and it will go up in waves slowly but surely and recovers nicely from any dive. Start manipulating and it will go down or become erratic.
Are we gone let us being manipulated,, Up and Down dictated by Wall Street futures???
Or make them lose even more of their money?
Bitcoin Futures, looks just like BTC chart.
By being prepared.
We can catch their dump low below.
If everybody places a very , very low limit buy, at calm hours.
Then you can catch it at a very good low price, make them lose even more money, make them pay their futures very expensive and benefiting from it. (don't worry it will nicely come back high up, from very deep)
How can we sabotage this manipulation ?? Anybody here any other ideas??
You do wonder if regulation would help BTC; then you look at the regulation of Banks and think it probably won't do much.
The market has always been manipulated - but I think a lot of people underestimate just how much of this is really driven by human nature rather than a group of people in a board room. Don't get me wrong, this type of behavior does occur, but it is (in my opinion) much less of a factor than everyone makes it out to be. Even if the sheep are being led, this crap would happen without any "shepherds."
I agree, a lot craziness is due to human nature, taking that into consideration clearly shows this time it was unusual, no human emotion can motivate anybody to throw away large quantity.
I've seen many times when large quantities take profit, its always up there, limit sell order and often it stops the uptrend, but don't crash it.
Therefore when you see large quantities are thrown on the market, at low volume and the cyclus is already at its lowest price, in a calm period of the day (nobody is there to watch & take action).
No need to do complicated technical analysis to see there is no profit to take.
Result you get a dive.
What does that mean?
I was just at that moment observing the market and suddenly.
Who is throwing all that money away? and again and again I checked several altcoins same dumps on a few of them.
This was enough for the domino effect.
Someone doesn't care about his money or someone wants the price to go down.
On top of that, if it happens several times one after the other within an hour and at the same second in several altcoins.
Yes, People have difficulty to accept that someone wants to manipulate the market negatively
-There is one more fact that proves it beyond doubt
If you know the crypto market, then U know there is a natural relation between different coins. One goes Down the other goes UP, the manipulators didn't care to do their homework. For a while everything was totally out of balance.
The second crash brought everything back into balance strangely enough !!! (that one might have been a real market action)
Everybody comes up with complicated technical chart analysis, I might listen otherwise, this time its technical bullshit.
I agree with a lot of what you're saying, I was watching (and thinking) the same thing.
I watched the market closely and it was pretty clear to me that someone wanted the price down. It wasn't just FUD, someone really wanted it down and did everything necessary to do it. And this is really disappointing as you stated. It shouldn't be manipulated like Wallstreet, but if anything it should be manipulated to take the money from Wallstreet, not the other way around. But let's face it, bitcoin is money, money is power, so guess who has the majority of it? Not us. Maybe Satoshi is a Wallstreet guy? One starts to question... Who else would have such power? One thing I know is that I stay away from unfair markets. If btc starts being manipulated like this, I'll keep moving to other coins.
Wait, so is that before or after I panic sell?
Before... You always have to have a limit buy very low, even in a normal market, especially in the volatile crypto market, then U can panic all you want.