Bitcoin Plunged Below $8,000--Did This Cause The Sudden Price Drop?
"If you do a little math and follow the timeline, it's not hard to see that someone dumped 25,000 bitcoin for $215 million and bought it back shortly after for $200 million," wrote Reddit user u/makoveli in a post to popular cryptocurrency forum r/cryptocurrency. "In doing so, they pocketed $15 million and walked away with the same amount of bitcoin as they started with."
Interesting article about maybe why the price of bitcoin suddenly fell below $8,000. The story makes sense to me, I always have to remind myself that there's not a lot bitcoin out there, so it's relatively easy to move the price up or down. I do think that that will change with higher price and more people in the market, we'll get there soon enough. Good to see Forbes following the crypto market so closely.
Read the full story here....
https://www.forbes.com/sites/billybambrough/2019/06/04/bitcoin-plunged-below-8000-did-this-cause-the-sudden-drop/#6c0e585d4c81
fact is that crypto is susceptible for such manipulation until we reach to a market cap that is at least few X greater than what it is today. Also, some great use cases would help as this would spread out BTC between more people and would lower the risk that few big whales would manipulate. At the same time, you will never be able to eliminate it fully, just the amplitude of how this will affect the market will get smaller :)
Well said, thanks for the reply.
I'm looking forward to the few X times greater. :)
Bitcoin is a little over $8000 right now.....
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