Buy The Rumor, Sell The News: Or How China Crackdown Played Bitcoin Price
When rumors of China's crackdown appeared, the right move would have been to sell (rumor). Rationale: a potential depreciation of Bitcoin.
When news about China crackdown confirmed, the right move would have been to buy (news). Rationale: uncertainty eliminated, cheap Bitcoin, good buy point.
Whoever played they hand right, made a lot of money.
The only problem with the rumor/news duo is that it can be drastically manipulated, in oder to trigger the above reactions. Maybe China let the rumor slip intentionally and bought a lot of cheap Bitcoin. Maybe JP Morgan did the same. Or maybe some other guys that we know nothing about orchestrated everything.
The real skill is to navigate this sea without getting hit too much.
With that being said, let's congratulate the crypto market for surviving another "bubble burst".
Probably the biggest "surprise" is NEO, up 35%
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Got some ethereum at cheaper price 😀
they always manipulate the market like this
@dragosroua,
NEO 35% actually I hate NEO! Yeah market is back to it's normal trend! Hope BTC will find a new top and claim he is the genius!
Cheers~
Yeah, they are really playing with ou minds, it's not good to do that, but I din't buy it and I didn't sell my bitcoin because I trust more in bitcoin than I do in China !
The thing is, the news came out in dribs and drabs. First the PBOC annoncement that everyone refused to believe. Then the WSJ piece with sources, which everyone refused to believe, then Charles Lee's tweet which everyone refused to believe. Then the actual announcement that BTCC was closing, which everyone believed and tanked the market!
Meanwhile, JP Morgan Has Bought 19,000 Bitcoin on a Swedish Exchange
crooks!
Do you have a source for that please, mate?
Sorry I don't, just spotting this guy chatting about it on YouTube.
Looking pretty spot on @stackin posted and included screen grabs of a Swedish exchange showing JP buying 19K BTC.
Pretty disgusting eh. It all signals that this ride is going to be long, bumpy, and very profitable! :D
Indeed, Mr Dimon hates crypto publicly as it makes his money making machine grind to a halt. But one thing we know about greedy bankers is they will screw anyone to make a fast buck, including the 'real' crypto investors like us.
Do you think all the whales jumping in caused the prices to go back up?
I guess this is probably the way the big money will get in on the game!
They manipulate market all the time.