STATMAN comments on: Cryptocurrency market manipulation as reported by BOOMBERG FINANCIAL. And, a word on Bitcoin.

Good Friday morning my Steemian friends.

Well no real surprise here. Why should there be? We have felt for years the metals market is manipulated. WE know the "PUMP AND DUMP TEAM" has various methods to prop up equities markets (maybe they fall under the 'legal' category).

The US JUSTICE DEPT., and Commodity Futures trading Commission are investigating 'spoofing' and 'wash trading' in crypto markets as reported by Bloomberg. They influence the price of assets illegally.

In fact an insider investigation last year found 'pump and dump scams' to ramp up the price of assets. This has been going on for ever folks in thinly traded securities.

There are reportedly about 25 ways the markets may be manipulated. "Spoofing" is false orders placed on the market and then withdrawn. They draw others into buying and selling. Wash trading is when the insiders trade with each other to give the illusion of market activity. The innocent are "lured into the market", at higher prices before the "rug is pulled out".

The investigation is in the early stages and is focusing on Bitcoin and other major cryptos.

Speaking of Bitcoin today trading at the moment 7519.

See the chart above. We have strong support right about here. Can it hold for a while and rally? Sentiment says no. Surprisingly we still have 75% of traders (Daily FX) "long". When will some serious fear enter this market. I have said since the SELL at 9750, that is the issue.

Thanks for stopping by! UPVOTE,FOLLOW,RESTEEM.