{"id":382105,"date":"2019-05-14T15:30:40","date_gmt":"2019-05-14T15:30:40","guid":{"rendered":"https:\/\/wncen.com\/?p=382105"},"modified":"2024-06-11T07:14:26","modified_gmt":"2024-06-11T07:14:26","slug":"bitcoin-price-boom-pump-and-dump-action","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-boom-pump-and-dump-action\/","title":{"rendered":"Is Ongoing Bitcoin Price Boom a Pump-and-Dump Action?"},"content":{"rendered":"<p>The <a href=\"https:\/\/wncen.com\/2019\/05\/13\/10000-bitcoin-price-key-level-to-trigger-widespread-public-fomo\/\">bitcoin price<\/a> on Tuesday clocked a new 2019 high of $8,350 on Coinbase, its highest since July 2018.<\/p>\n<p>The surge\u00a0came as a part of an extended bullish action that picked momentum particularly after April 2, 2019. The BTC\/USD instrument, on the day, rose up to 23 percent, which started a series of similar buying actions throughout April and first half of May. The strengthening bullish bias assisted bitcoin in breaking above crucial resistance areas, such as the ones lurking near $6,000, $6,400, and $7,500. As a result, the world&#8217;s leading cryptocurrency had brought its net bottom-to-up recovery to 162 percent by the time of this publication.<\/p>\n<figure id=\"attachment_382129\" aria-describedby=\"caption-attachment-382129\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/download-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-382129\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/download-14.png?resize=860%2C603\" alt=\"bitcoin, btc usd\" width=\"860\" height=\"603\"><\/a><figcaption id=\"caption-attachment-382129\" class=\"wp-caption-text\">Bitcoin Price Rose 101 Percent Since April 2 | Image Credits: TradingView.com<\/figcaption><\/figure>\n<h2>Artificial Pump?<\/h2>\n<p>The speed with which bitcoin rose prompted many to\u00a0call the move &#8220;manipulated.&#8221; Crypto skeptic David Gerard <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/05\/13\/bitcoin-is-going-through-the-roof-its-manipulation-with-tethers-not-organic-demand\/\" rel=\"nofollow\">wrote in his blog<\/a> on Monday called the bitcoin price a &#8220;proxy for margin trading,&#8221; adding that one can make more money by manipulating the cryptocurrency&#8217;s &#8220;thin and ill-regulated market to <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/08\/09\/the-okex-margin-trading-disaster-doing-what-crypto-margin-trading-usually-does\/\" rel=\"nofollow\">burn the margin traders.<\/a>&#8221;<\/p>\n<p>Preston Byrne, partners at New York-based Byrne &amp; Storm, built up to the scenario laid by Gerard, <a href=\"https:\/\/prestonbyrne.com\/2019\/05\/03\/on-the-looming-bitcoin-bubble\/\" rel=\"nofollow\">questioning<\/a> why every bitcoin price boom coincided with a significant exchange(s) having &#8220;banking, withdrawal, and possibly solvency problems.&#8221; To him, the ongoing BitFinex was in a spot of trouble owing to its management of $850 million of customers&#8217; funds. An event of such scale could have driven the bitcoin market down. But instead, the reverse happened due to potential price manipulation.<\/p>\n<blockquote><p>&#8220;This was the case with, e.g., Mt. Gox in 2013, and some have argued was also the case with long-suffering crypto exchange Bitfinex in 2017 [&#8230;] If you\u2019re a trader or investor, tread carefully. It is possible that the current price of a Bitcoin bears some relation to, and is uniquely vulnerable to, regulatory developments,&#8221; said Byrne.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Everyone seems to forget that when Bitfinex received CFTC subpoenas the price went up 40% in two days, ultimately the price of Bitcoin doubled before crashing.<\/p>\n<p>It wasn&#39;t good news.<\/p>\n<p>&mdash; Bitfinex&#39;ed \ud83d\udd25\ud83d\udc27 \u039a\u03b1\u03c3\u03c3\u03ac\u03bd\u03b4\u03c1\u03b1 \ud83c\udffa (@Bitfinexed) <a href=\"https:\/\/twitter.com\/Bitfinexed\/status\/91882752?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Tether Pumping Bitcoin<\/h2>\n<p>Gerard iterated that he didn&#8217;t believe institutional investors were behind the bitcoin price explosion. Instead, it was the Bitfinex&#8217;s additional 800 million USDT supply &#8211; each acting as a US dollar &#8211; that was piling into the bitcoin market. Excerpts from Gerard&#8217;s article:<\/p>\n<blockquote><p>&#8220;Tethers are dollar-substitute tokens \u2014 each a $1 liability on the books of Tether, Inc., hypothetically redeemable on demand for an actual dollar. The idea is that these are pretty-much-dollars \u2014 compare Eurodollars in the real financial markets \u2014 but move at the speed of crypto. Tether is owned and run by the same people as crypto exchange Bitfinex.<\/p>\n<p>&#8220;There is the minor detail that nobody has <em>ever<\/em> verifiably confirmed being able to redeem a Tether for a dollar.&#8221;<\/p><\/blockquote>\n<h2>The Other Bitcoin Case<\/h2>\n<p>https:\/\/twitter.com\/Rhythmtrader\/status\/75451392?s=19<\/p>\n<p>The bitcoin price rise closely followed disturbance prompted by the US-China trade war in the global markets. The move also came after mainstream financial companies like Fidelity Investments, E*Trade Financials, and TD Ameritrade announced new bitcoin trading services for institutional investors. Fidelity&#8217;s digital asset services head Tom Jessop <a href=\"https:\/\/wncen.com\/2019\/03\/12\/fidelitys-crypto-chief-institutional-adoption-more-participation\/\">told<\/a>\u00a0the Block that institutional interest in the bitcoin market had grown in the past 12 months.<\/p>\n<blockquote><p>&#8220;We just completed a survey of about 450 institutions,&#8221; said Jessop, &#8220;so everything from family offices to registered investment advisors to hedge funds. It\u2019s interesting, I think about 20% indicated that they currently allocate to digital assets with an intention to grow that.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The bitcoin price on Tuesday clocked a new 2019 high of $8,350 on Coinbase, its highest since July 2018. The surge\u00a0came as a part of an extended bullish action that picked momentum particularly after April 2, 2019. The BTC\/USD instrument, on the day, rose up to 23 percent, which started a series of similar buying actions throughout April and first half of May. The strengthening bullish bias assisted bitcoin in breaking above crucial resistance areas, such as the ones lurking near $6,000, $6,400, and $7,500. As a result, the world&#8217;s leading cryptocurrency had brought its net bottom-to-up recovery to 162 percent by the time of this publication. Artificial Pump? The speed with which bitcoin rose prompted many to\u00a0call the move &#8220;manipulated.&#8221; Crypto skeptic David Gerard wrote in his blog on Monday called the bitcoin price a &#8220;proxy for margin trading,&#8221; adding that one can make more money by manipulating the cryptocurrency&#8217;s &#8220;thin and ill-regulated market to burn the margin traders.&#8221; Preston Byrne, partners at New York-based Byrne &amp; Storm, built up to the scenario laid by Gerard, questioning why every bitcoin price boom coincided with a significant exchange(s) having &#8220;banking, withdrawal, and possibly solvency problems.&#8221; To him, the ongoing BitFinex was in a spot of trouble owing to its management of $850 million of customers&#8217; funds. An event of such scale could have driven the bitcoin market down. But instead, the reverse happened due to potential price manipulation. &#8220;This was the case with, e.g., Mt. Gox in 2013, and some have argued was also the case with long-suffering crypto exchange Bitfinex in 2017 [&#8230;] If you\u2019re a trader or investor, tread carefully. It is possible that the current price of a Bitcoin bears some relation to, and is uniquely vulnerable to, regulatory developments,&#8221; said Byrne. Everyone seems to forget that when Bitfinex received CFTC subpoenas the price went up 40% in two days, ultimately the price of Bitcoin doubled before crashing. It wasn&#39;t good news. &mdash; Bitfinex&#39;ed \ud83d\udd25\ud83d\udc27 \u039a\u03b1\u03c3\u03c3\u03ac\u03bd\u03b4\u03c1\u03b1 \ud83c\udffa (@Bitfinexed) May 10, 2019 Tether Pumping Bitcoin Gerard iterated that he didn&#8217;t believe institutional investors were behind the bitcoin price explosion. Instead, it was the Bitfinex&#8217;s additional 800 million USDT supply &#8211; each acting as a US dollar &#8211; that was piling into the bitcoin market. Excerpts from Gerard&#8217;s article: &#8220;Tethers are dollar-substitute tokens \u2014 each a $1 liability on the books of Tether, Inc., hypothetically redeemable on demand for an actual dollar. The idea is that these are pretty-much-dollars \u2014 compare Eurodollars in the real financial markets \u2014 but move at the speed of crypto. Tether is owned and run by the same people as crypto exchange Bitfinex. &#8220;There is the minor detail that nobody has ever verifiably confirmed being able to redeem a Tether for a dollar.&#8221; The Other Bitcoin Case https:\/\/twitter.com\/Rhythmtrader\/status\/75451392?s=19 The bitcoin price rise closely followed disturbance prompted by the US-China trade war in the global markets. The move also came after mainstream financial companies like Fidelity Investments, E*Trade Financials, and TD Ameritrade announced new bitcoin trading services for institutional investors. Fidelity&#8217;s digital asset services head Tom Jessop told\u00a0the Block that institutional interest in the bitcoin market had grown in the past 12 months. &#8220;We just completed a survey of about 450 institutions,&#8221; said Jessop, &#8220;so everything from family offices to registered investment advisors to hedge funds. It\u2019s interesting, I think about 20% indicated that they currently allocate to digital assets with an intention to grow that.&#8221;<\/p>\n","protected":false},"author":496,"featured_media":382203,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,679],"class_list":["post-382105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-bitcoin-price"],"acf":[],"yoast_head":"\n<title>Is Ongoing Bitcoin Price Boom a Pump-and-Dump Action?<\/title>\n<meta name=\"description\" content=\"The bitcoin price on Tuesday clocked a new 2019 high of $8,350 on Coinbase, its highest since July 2018. 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