Upon hearing this, I entertained the possibility that the rumor that the cartel is behind this perfectly executed financial attack on bitcoin, was true, after all. The small magnitude of the actively traded amount was exploited by cartel bots to manipulate the price almost perfectly. We may have seen the actions of two bots that are very well funded, by big bank kind of money funded. One bot that slowly increases the market price and fixes indicators, and then one that suddenly dumps a huge wash of coins in a few stages quickly so as to eat through opposite orders and rapidly decimate the price.
Why would they do that? Because if they can cause panic sells, they can achieve in the capitulation of bitcoin price, which means a permanent arrest of bitcoin's price. If it fell below $1000, for instance, mining would be causing a financial loss in most countries. If this price crash is synchronized with the introduction of a new cryptocurrency developed by the cartel, people would find bitcoin to be an unsuccessful innovation and quickly switch to new Wall St. sanctioned alternative. It sounds like a Mr. Robot episode, and almost too bad to be true, but it can be, amazingly.
A concerted attack on the price should be happening through hundreds of anonymous exchange accounts co-ordinated through distributed systems, the financial equivalent of a botnet. The hypothesis is that this is required for both legs of the trading operation, because the exchanges could block price manipulation attempts.
Price manipulation may simultaneously occurring in future markets, thereby creating the illusion that the sudden dips and sure ascends are somehow usual, because that signals other traders, as well.
Such a sophisticated attack on bitcoin would be possible because the bitcoin financial system still has a <1 trillion dollars market cap, and that makes it prone to manipulation by big money. We are hoping that in the future, cryptofinance infrastructures will offer better solutions to prevent price manipulation by the big banks. They can kill bitcoin temporarily, of course, as it has been declared dead in excess of 100 times, and came back from the dead every single time.
The rise of cryptos poses a direct threat to Wall Street and the global elites and as long as this threat is perceived to continue unabated, the entire cryptos market will be rigged and suppressed.
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STOPThere is a better theory: exchanges are manipulating the market.... That makes more sense actually. :/