Forex and Crypto News

Bitcoin whales manipulate again

09:23 04 June /2019

Bitcoin couldn’t hold above $8000 and is trading at $7909. The market capitalization has slipped by 7.5% during 24 hours.

As always in such cases, traders began to guess, why the price of Bitcoin declined so quickly. For example, one of the Reddit users pointed out several interesting transactions on the Coinbase.

Half an hour before the Bitcoin depreciation, someone transferred more than 25,000 Bitcoins (about $213 million) to Coinbase.

After that, the amount was divided into 14,000 BTC and 11,000 BTC and moved from Coinbase to two separate wallets. 14,000 BTC ($112 million) was transferred from Coinbase about an hour after the dump. After 40 minutes, other 11,000 BTC ($88 million) were transferred.

Shortly thereafter, someone transferred 10 million USDT to another wallet.

It is assumed that someone, taking advantage of market uncertainty, threw $213 million to the BTC market and bought them back at a lower price (~ $200 million). It is also worth noting that the price of Coinbase is taken into account in the XBT index on the BitMEX Crypto-Derivatives Exchange, so this player could also earn from an open short position.

The cryptocurrency market is undoubtedly manipulative — after all, it’s largely unregulated — and experienced investors have developed ways to extract the maximum benefit from it.

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