STEEM price spike yesterday - pump'n'dump anyone?
For anybody who does not believe that crypto prices can be manipulated, take a look at this chart:
This is a one-day chart from CoinMarketCap. It shows a 5-cent spike at about 2 am local time (7 pm GMT, Friday 16 Nov 2018) with about an hour's run-up and a serious crash down.
At first I wondered if this was just an artefact of CMC's notoriously naive price-averaging formula across exchanges, but the spike appeared on Binance too.
The total swing was about $10-15mil, which means someone will be having a good weekend!
chart from CMC
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@rycharde manages the AAKOM project and the MAP Trail.
The pumps in cryptocurrencies are really striking. Well, in less-priced currencies this is quite seen and pitifully leaves many at a loss to enter the massive pump that usually never repeated or almost never. Likewise many take advantage and make good profits, it is interesting.
Funnily, I looked up the timing and saw it coincided with the start of Fridays PPT (plunge protection team) pump in the US stockmarkets. Same people, same desks, playing with their pocket-money.