Posted on 01/21/2023 6:57:25 AM PST by catnipman
you’ve certainly nailed crypto’s killer app: facilitating illegal transactions for criminal and terrorist outfits, as well as evading sanctions ... so far, that really seems to be crypto’s primary, maybe only, utility ...
yup, and as we’ve seen, it CAN be traced, so...
in theory bitcoin should be down on these kinds of bankrupsies. but its not. bitcoin has risen 10 percent recently. why?
tucker carleson opines that the USA canada have recently paid extortionists not to shut down US and canadian airlines.
(that is that the recent stories of airlines in the USA and canada being grounded by slight computer errors —were cover ups for hacker attacks.)
“in theory bitcoin should be down on these kinds of bankrupsies. but its not. bitcoin has risen 10 percent recently. why?”
that’s a good question ... but the short answer, though, is simple price manipulation via wash trading by whales and market-making exchanges ... at least that’s may take ...
the punters were pretty much wiped out and washed out of crypto ever since last june when the first big exchanges started collapsing ... they either bailed or simply had their crypto evaporate on the failing exchanges ...
it’s also doubtful that Genesis crashing and burning prompted a whole slew of new punters like those who bailed or lost their crypto earlier to suddenly go, “You know, Genesis crashing is the perfect time to buy crypto.”
this leaves mostly true believers and so-called whales, folks like DCG’s Barry Silbert and the Winklevoss twins who bought crypto in the very early years for next to nothing and suddenly found themselves to be crypto billionaires ...
and there’s tons of evidence of the manipulation going on:
1. trading volume in bitcoin the last time there was big price movement was Nov 10/11 2022 when 100 billion worth was traded ... in the last few days, trading volume has been only about 24 billion worth, and yet bitcoin has increased in price from around $16,000 to $22,000, nearly 40% increase ...
2. bid/ask spread is very high right now, which indicates poor liquidity ... that is, less chance of a buy/sell order being fulfilled at the desired price ... this isn’t a good of a healthy market ...
3. a recent study confirmed that momentum in price change is a much bigger factor in crypto markets than other types of securities markets ... thus if the whales can get a bit of [illegal] wash trading going they can simulate organic price momentum on low trading volume, and try to sucker the injection of fresh REAL money into the market by the punters ...
my guess is that the current price increase won’t last ... once some more new REAL money is injected, the whales will sell just enough of their holdings to put that fresh money into their pockets ...
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