Bitcoin’s volatility – an indication of growth or regression?

Market volatility plays a huge role in the financial ecosystem of assets and cryptocurrencies are regularly linked to its predominant effect. Whenever Bitcoin exhibits a rapid price movement in the market, the majority of the critics tagged the digital currency with extreme volatility and state that it would eventually lead to its downfall, since crypto assets cannot be trusted on a long term basis.
This assumption was recently widely questioned as data showed that over the last few months, the volatility rate had actually decreased for Bitcoin but the community continued to talk against the coin’s development solely on the basis of the crash witnessed by BTC after the bull run of 2017.
Pierre Rochard, a bitcoin enthusiast, recently spoke about the situation and stated, that the volatility might actually be one of the reasons why Bitcoin was starting to find prominent success in the market.
It was suggested that Bitcoin had been accumulating value over the years through various implementations and at specific time frames, short-term traders were causing an effect on the price, which would cause the “incidental price surge”. The price surge would then undergo correction and witness a fall but the price would continue to grow at a progressive rate.
The aforementioned reason can be backed by the fact that Bitcoin had indeed outperformed the likes of commodities like gold in the recent market analysis, and it was released that Bitcoin attained more profit in the long-term returns and risks asset trade in comparison to the S&P 500.
A recent data also exhibited that since 2013, any investment that included 5 percent Bitcoin to 95 percent fiat currency gathered more returns and lesser risk than the S&P 500; which also witnessed losses in 2017.
Twitter user @1Mark Moss indicated that Bitcoin was growing at it’s natural growth rate and stated,
“The volatility is the difference between perception and reality. And the reality is BTC continues to progress, just not as fast as the perception makes it seem sometimes… just part of the natural evolution.”
However, another user @JordiMorris1 explained that the people had more to do with the volatility and anything else. He said,
“The relationship of people towards Bitcoin is volatile. Bitcoin is predictible by nature, its production is stable independently of how crazy people go about Bitcoin. No sense to blame on Bitcoin.”
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Source: AMB Crypto

8 crypto exchanges were shut down in 2019; how does that affect the overall crypto space?

Keeping aside the market growth and price hike of Bitcoin and Altcoins in 2019, the virtual asset industry had suffered a few major implications in the current year. Crypto exchanges are very important to the long term stability and rapid expansion of crypto assets however, the longevity of these organizations has come under question in recent times.
Source: Twitter
From a recent statistics released by Yassine Elmandjra, a cryptoanalyst at ARKinvest, it was observed that the average lifespan of a cryptocurrency exchange was only 18 months as a significant number of these exchanges were falling prey to crypto hacks, mismanagement, and also Bitcoin theft. It was estimated that around 50 exchanges shut down till date, most notably Cryptopia and Mount Gox, and since the start of 2019, 8 exchanges had shut down in the industry.
The exchanges which were shut down for the year 2019 were Coinome, Coinpulse, Coinnest, Coinroom, Liquid Exchange, QuadrigaCX, Cryptopia and Gate coin.
Whereas the likes of Coinome, Coinpulse fell prey to “less favorable conditions”, major exchanges like Cryptopia could not recover after witnessing a major hack and aftermath, could not maintain their businesses even after cutting losses. The reasons remain on similar grounds for the other exchanges as exchanges are often crushed with the agonizing load of protecting the funds and keeping up with regulations that restrict the overall trading acumen.
Whenever an exchange shuts down or a hack takes place, multiple questions are pledged against the overall security of these crypto asset exchanges, and a cloud of doubt personifies over them. It suggestively also affects the price of Bitcoin, as seen in the past after the fall of Mount Gox.
The topic regarding exchanges being attacked by hackers is a conditional one as Binance suffered to network breach a few weeks where a sum of 7000 BTC were stolen. In this scenario, the theft was not significantly damaging but it raises a concern, as to what limits these exchanges are secured.
Moreover, the adoption of digital currencies is stagnated as potential investors might indicate a reluctance to put forward their capital onto an asset that is regularly under the threat of cybercriminals or bankruptcy faced by their handlers.
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Source: AMB Crypto

Bitcoin exhibits similar trends to pre-2017 bull run era; can history repeat itself?

Bitcoin prices have stomped past another major price resistance as the coin crossed the $9000 valuation in the market. At press time, the virtual asset breached past another major resistance of $9200, and the market cap stood at 165.57 billion. Over the past few days, the market trends inclined towards an imminent breakthrough as chart analysis indicated a similar pattern formation that was identical to the one witnessed before the 2017 bull run.
Source: Twitter
Jayden Crypto, a cryptoanalyst, recently shared an observation on social media; it can be seen that the trend candlesticks in the charts resonated the same characteristics that were evident during 2017. A major bullish candle was engulfing the BTC charts despite the lesser trade volume in the market. However, the Moving Average [MA] of Bitcoin indicated that the recent bull run was on the cards since June 12 as the candles were threading above the MA for the short-term and long-term charts.
Since the price surge exhibited in the month of April and May, Bitcoin continued to consolidate higher in the charts and witnessed very minor corrections over the period of time. The virtual asset had been experiencing sideways movement between $8450 to $6800, since breaching the $7000 range.
Twitter user @ThinkingUSD, a reputed crypto margin trader, also suggested that massive liquation could be on the cards if Bitcoin broke above $8800, which is the market situation at the moment.
Will the 2017 bull run repeat?
Very unlikely, as it can be noticed that the trend identified with the 2017 bull run was pegged with high trade volume with major Bitcoin exchanges and currently the trade volume for Bitcoin was not as significant at press time. Even though similarities are prevalent, the bull run may not live upto the 2017 price rush.
The community speculated that the price might have recently pumped due to traders dumping the virtual assets as Bitcoin had stagnated since the price hike of May. It was also observed that Tether recently minted 150,000,000 USDT and the ecosystem subsequently framed Tether to orchestrate another price pump for Bitcoin.
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Source: AMB Crypto

Bitcoin [BTC] prices share striking resemblance with China’s RMB futures

Commodities such as Gold and Oil are some mainstream assets which have been outperformed by Bitcoin in 2019. The world’s largest cryptocurrency has had a good 2019, surging by 150% this year after surviving a troubling crypto-winter towards the end of 2018.
Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/
However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.
In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.
Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,
“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “
The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.
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Source: AMB Crypto

Binance takes the high road as network validators vote for fee restructure on the main chain

Binance, one of the largest cryptocurrency exchanges in the world, has been rapidly improving its stock as a prominent organization handling various virtual assets. The company has also been launching several new projects such as the launch of the new Binance DEX. The launch of Binance Launchpad laid down the way for other crypto-projects, most recently the harmonyprotocol project, which was received positively after its introduction.
Changpeng Zhao, CEO of Binance, recently announced that Binance DEX had re-adjusted its fees and lowered them.
According to a Binance community blog, after the recent surge recorded by BNB, validators of the network proposed and collectively voted that the fee structure should be lowered and at press time, most of the fees were slashed by almost 50%.
The changes were implemented on the first block that would be active after 13th June 00:00 [UTC].
One of the major benefits of the current development is the fact that the company will attain a higher user-friendly customer base since lowered fees will incentivize more people to join crypto and spur faster crypto-adoption.
According to the report, the transfer fee was reduced to 0.000375 BNB from 0.000625 BNB. The burn asset fee was around 1 BNB and after the restructure, it was at 0.5 BNB. The listing fee also drastically dropped to 1000 BNB, which was at 2000 tokens before.
Other transaction fees such as IOC fee, Multi-send fee and Freeze/unfreeze fee also plummeted by 50% on the Binance Chain.
The current development should attract customers doing their business on other exchanges, where the fees are relatively higher. A lot of flak was recently directed at Hitbtc exchange after many in the Twitter community highlighted its high fees.
Twitter user, @cryptocoinsclub, had commented,
“HitBTC fees are insanely ridiculous. Also… HitBTC is a SCAM!”
Another user, @friendsRcrappy, said,
“Yup. hitbtc your fees are asinine. I no longer trade there. Another Cryptopia waiting to happen.”
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Source: AMB Crypto

Binance Coin-pegged investment funds launched by investment firm, EXANTE

2019 has been a good year for the cryptocurrency space, with several digital assets posting significant gains after the troubles of the crypto-winter towards late-2018. Parallelly, crypto-exchanges have been making waves in the industry as well, with Binance launching Binance DEX and the GBP-backed stablecoin in the works. Binance’s native token, Binance Coin, surged by more than 450 percent in 2019, at press time.
According to a recent report, EXANTE, a financial investment company, has announced the launch of a new investment fund that will be directly pegged with Binance Coin [BNB]. Speculators believe that the announcement may have a positive impact on BNB’s price valuation, as the decision serves as a new gateway into the crypto-ecosystem for new investors. EXANTE customers already have the option to trade with over 20 other investment funds, pegged to other virtual assets.
EXANTE also shares headquarters with Binance in Malta, and was one of the first investment companies to start a Bitcoin fund back in 2013, when the concept of Bitcoin was not widely understood.
Additionally, the BNB coin has surprisingly gathered tremendous attention in terms of mass adoption, with the latest development allowing it to be traded using Visa and MasterCard. This association is thus considered a major landmark in terms of mainstream adoption and involvement of non-crypto players.
The future seems bright for Binance as it currently stands as the largest cryptocurrency exchange in the world, while BNB maintains an upward growth trajectory in terms of value and popularity. Given BNB’s stellar performance in 2019, industry expert speculate the company will soon peg Binance next to their investment funds.
HeadLine: Binance token to power fiat investment funds
Tag: Cz, Binance community
#crypto #BNB #Binance #altcoin #cryptocurrency
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Source: AMB Crypto

Bitcoin [BTC] can be ‘resurrected’ back to its high of $20,000, claims Erik Finman

The recent market sentiment towards cryptocurrency has been optimistic as virtual assets have collectively witnessed major surges since the start of 2019. The situation before the start of 2019 was considered the “longest crypto-winter” since the inception of Bitcoin, as the market suffered a devaluation of almost 90 percent in price.
However, the price soon rebounded, and Bitcoin was again one of the leading assets in 2019 and outperformed the likes of S&P 500 and traditional commodities like Gold.
Now, Erik Finman, the famous teenage crypto-millionaire, who previously had proclaimed that Bitcoin was “dead”, is in the news after he claimed that he and the crypto-community could collectively come together and “resurrect” Bitcoin’s prices back to its height of $20,000.
Erik Finman stated that one of the major reasons why crypto-assets were substantially pumping was the involvement of major organizations in the cryptospace. With the likes of Facebook launching their own Libra coin and U.S presidential candidates promoting Bitcoin, the market has witnessed consistent growth.
Erik Finman said,
“2019 is the new 2017 for bitcoin and cryptocurrency. Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge.”
Finman suggested that to improve the adoption rate of Bitcoin among a wide range of users, the network needs to lower transaction fees and speed up transactions. He emphasized that it was important to remain “competitive in a crypto-crowded ecosystem.”
He added,
“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto.”
Finman also opined that WHEN token was the next big thing in the world of virtual assets. The cryptocurrency is based out of WhenHub, an organization that encourages content creators to grow in an ecosystem where experts and learners are able to pay each other through WHEN tokens, instead of actual cash.
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Source: AMB Crypto

Tezos Foundation awards grant for development of tezblock; initiates concept of ‘Minimal Viable Product’

According to a Medium post, it was announced that Papers, the organization responsible for the development of crypto wallet AirGap, has been awarded funds for the development of tezblock. The grant was sanctioned by the Tezos Foundation for meaningful block exploration accessibility of Tezos.
The grant could be very essential from the development perspective of Tezos as tezblock, which is a block explorer for the virtual asset, focuses on making the Tezos protocol more available and validating the data with a better approach.
The post also stated that the tezblock code would be open-sourced under an MIT license and the grant would assist the organization in initiating the initial concept towards a “Minimal Viable Product.”
Following the announcement the post said,
“We want to take a user focused approach with tezblock and build this explorer according to user feedback. Block explorers are being used by different user groups with various requirements.”
Lately, Tezos has been making waves in the crypto-industry after its parent blockchain made history after the activation of two separate backward-incompatible changes. Its recent upgrade termed as the “Athens A” for smart contracts and decentralized applications was decided via on-chain voting involving all the stakeholders.
Arthur Breitman, Co-founder of Tezos, stated,
“You can do more things in one block, and the main reason for that is that when the network launched, anyway, it was very new and limit was set at a pretty conservative value.”
At press time, Tezos was valued at $1.30 and it exhibited an impressive growth of 4.37 percent over the last 24 hours. The market cap for the virtual asset was around $850 million, at press time.
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Source: AMB Crypto

Bitcoin [BTC] holders will enjoy enhanced security of a ‘firewall’ via Cerberus Protocol, claims Neil Woodfine

Neil Woodfine, a representative of Blockstream, recently announced the launch of Cerberus Protocol, following the release of the technology’s publication on Medium.
According to Woodfine, the objective of the Cerberus Protocol is to re-organize and build a non-custodial Bitcoin storage for large BTC-holders involved in businesses. The protocol is inclined towards the idea of “hybrid storage,” he said, where multi-sig keys are distributed across two organizations [Clavestone and the client].
In this manner, large Bitcoin holders’ virtual assets are protected under the enhanced security of a “firewall” with the risk of being “exposed to custodial risks.”
In the Medium post, it was listed that Cerberus was intended for corporations to own Bitcoin as a collective entity, rather than a single individual being responsible for the entire capital.
Neil Woodfine stated,
“We learned a lot from the development of the idea and our conversations with potential users, things we think would be valuable for the wider industry. So we’ve distilled everything down into an easy-to-follow guide for setting up a 2-of-3 multi-sig…and how to coordinate it.”
He also clarified that the involvement of custodians did not exactly secure one’s Bitcoins funds as they could be easily compromised at the hands of a single individual.
The Cerberus protocol would allow these large corporations to operate their own Bitcoin storage, reducing the involvement of middlemen, while also keeping security and usability in prime condition.
Woodfine had a word of caution though,
“Cerberus is still in early development, so definitely don’t try to start using it yet! Our hope is that by releasing the protocol in parts, we’ll be able to gather feedback from keen-eyed bitcoiners and iterate on the design to ensure we maximize security.”
The protocol gained traction in the community following the release of the first chapter of implementation.
Yuri De Gaia, Bitcoin OTC at l2bglobal, stated,
“Multisig storage is the best solution for corporate and family spending. All the elements for self-custody via multi-sig already exist, but there has been no clear protocol that applies to most situations.”
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Source: AMB Crypto

IEOs are essential for raising funds for new crypto projects, says co-founder of harmonyprotocol

Back in 2017, when Bitcoin raised its value up to to $20,000 due to the massive surge, ICOs were majorly trending as it garnered the interest of all traders and investors. Altcoins were booming as the cryptocurrency ecosystem received enormous attention.
The virtual asset industry currently witnessed another major hike even as the crypto space finally stepped out of the long crypto winter of 2018; in a similar fashion to 2017, IEOs have been replicating the hype of ICOs from 2017.
Recently harmonyprotocol’s ONE IEO was launched on Binance and the token witnessed a decent amount of success following the launch. However, many crypto enthusiasts and investors are skeptical about the concept of IEOs after witnessing the fail of ICOs back in 2017.
Nick White, Co-founder of harmonyprotocol, recently shed light on the whole scenario encapsulating IEOs and indicated that IEOs can be both a ‘black box or a golden goose’.
White suggested that the concept behind IEOs was considerable and it was an evolution of ICOs which was substantially important in terms of raising capital for crypto projects and endeavors, but White admittedly said that “it was not a perfect system.”
He indicated that a little centralization was essential in this case since IEOs were prominently centralized around the exchanges. White also emphasized on the fact that for an IEO, the traction of users and track record of the exchange made the overall impact. He said that Binance was the best exchange in that regard.
Last White said,
” And with cz_binance’s leadership, who knows, we may see binance decentralize itself in the future. Imagine if they were able to decentralize the IEO process too. Unstoppable crowd fundraising to build the future we all envision.”
Recently, Stephen Tse, the Founder of Harmony, announced that the ONE token accounted for 99.19% of the total volume on Binance DEX, making it the largest token being traded on the largest decentralized exchange in the world.
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Source: AMB Crypto

Bitcoin [BTC] outperforms S&P 500 in terms of ‘returns and less risk’ in long-term

Since the beginning of 2019, Bitcoin and the collective crypto-market have been on a roll as the virtual asset ecosystem saw a major change in fortunes after suffering a grueling crypto-winter.
Bitcoin [BTC] has been one of the top performers among all crypto-assets and according to data, the largest virtual currency has also dominated the likes of Nasdaq and commodities from an economic standpoint.
One of the prominent investment indexes that Bitcoin outperformed was S&P 500, which was up by around 10% in 2019, at press time.
However, Bitcoin [BTC] was up by almost 149% and had accumulated about $2,000 in May 2019.
That is staggering progress in terms of growth. However, critics of cryptocurrencies remain skeptical of the long-term scenario regarding crypto-assets.
According to statistics released by Twitter user planB, it was noted that Bitcoin had significantly out-performed S&P 500, in terms of long-term returns and risk attained.
Source: Twitter
According to the chart, over the past six years, an investment constituted by 5% of Bitcoin combined with 95% of cash gathered more returns and less risk than the S&P 500 itself. The maximum loss attained by 5% Bitcoin + 95% cash was only about -5%. In comparison, S&P 500 suffered a loss of -6% in 2018, and experienced a major loss of -38% in 2008.
The data contradicted the usual facade surrounding cryptos, which indicated that long-term investment in virtual assets was not beneficial.
In May, Gold had returns of just about 2 percent and commodities like Oil suffered negative returns. S&P 500 also suffered devaluation in May, which was around -17 percent.
It was previously reported by AMBCrypto that the Yen-Dollar, which was one of the best performing traditional assets in the market, only exhibited 3 percent hike against Bitcoin’s massive hike of 55.67% in May.
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Source: AMB Crypto

Harmony accounts for 99.19% of total volume on Binance DEX

During the major price surge of 2017, ICOs were one of the most sought-after in the cryptospace, with various projects going public seeking initial funding from investors.
2019 has seen a similar frenzy following an evident bull run in the market, with the present-day hype around the release of several IEOs fueling it.
Harmony [ONE], backed by the Harmony protocol – the first IEO on a major decentralized exchange, became the first token to trade both on Binance exchange and Binance DEX.
Source: Twitter
At press time, Stephen Tse, the Founder of Harmony, announced that the ONE token accounted for 99.19% of the total volume on Binance DEX, making it the largest token being traded on the largest decentralized exchange in the world.
Tse also took time to applaud Binance and suggested that Binance’s Changpeng Zhao aka CZ was influential over the entire proceedings.
Additionally, Tse revealed that 25 million ONE tokens worth $500,000 USD were currently active on Binance DEX.
In light of the successful launch of the token, it was announced on Medium that the organization was airdropping 25,000,000 Harmony ONE tokens on Binance DEX, for a duration of five days, starting May 29, 2019.
The post stated,
“Each day all the Binance Chain addresses holding a minimum of 10 BNB and reaching a trading volume of 100,000 or more Harmony [ONE] tokens [including buys & sells] on Binance DEX will equally share a pool of 5,000,000 ONE tokens.”
The introduction of Binance Launchpad saw various projects being listed on the exchange, with the platform crucial to attracting the interest of early investors.
CZ responded to the announcement by Tse and tweeted,
Source: Twitter
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Source: AMB Crypto

Bitcoin [BTC] accumulation by users is risky business, claims CEO of Atlantic Financial Blockchain Labs

Since the introduction of cryptocurrencies in the global financial landscape, most users and people across sectors are split between the importance of central banks, and the idea of decentralized networks.
Following the fact that cryptos recorded major growth over the past few years, institutions like JP Morgan and Facebook have also entertained the idea of developing their own cryptocurrencies to enter the blockchain ecosystem.
Anthony Pompliano, a major Bitcoin proponent who constantly promotes the cryptocurrency ecosystem, made the news after he claimed that banks could soon be replaced.
Source: Twitter
However, Bruce Fenton, CEO of Atlantic Financial Blockchain Labs, begged to differ. He tweeted that the idea of “being your own bank” was dangerous, while stating that banks were targeted from an economic standpoint.
He said,
“In my career I’ve handled billions of dollars & never worried about theft or personal risk. With a tiny fraction of that in crypto you are a huge target. That’s a risk I won’t take.”
Fenton stressed that he was not completely “pro-bank.” However, people had been depending on third-party custodians for a long period of time now and it was not going to change overnight, he said.
Additionally, Fenton stated that it would be a “bigger problem” if a large number of people started holding Bitcoin, tagging themselves as targets. He highlighted the rise cyber criminal activities to make this point.
The European Central Bank recently echoed the same line of thought regarding crypto-assets and tweeted,
“Crypto-assets like #bitcoin are increasingly popular but are volatile and speculative, and they are not currencies. New technologies like #blockchain enabled their emergence.”
However, Twitter user @BrianLockhart responded in favor of Bitcoin and stated,
“I’m worried about Fidelity [or any custodian] freezing an account or denying me access to my assets for whatever reason. I’m not a criminal, but sometimes banks do funny things. Bitcoin offers me the ability to eliminate that risk entirely.”
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Source: AMB Crypto

Global crypto-adoption: National Bank of Belarus could invest in $637M seaport project in Vietnam via Relex crypto model

The cryptocurrency ecosystem received a major validation in terms of adoption as it was announced that Relex, an investment platform which uses virtual assets, was “endorsed” by a massive $637 million seaport development project.
The investment platform joined hands with the My Thuy International Party family and formally requested the National Bank of Belarus, the Ministry of Finance of the Republic of Belarus, and the Governor of Vitebsk for additional support in the form of a $220 million promotional investment.
On May 30, Keith Hilden, the Founder of Relex, officially signed the letters requesting investment from Belarus in Ho Chi Minh City with the My Thuy International Port Joint Venture Company [MTIP], for the My Thuy International Port.
The development project was personally approved by Nguyen Xuan Phuc, the Prime of Minister of Vietnam for initiating the request for investment from Belarus.
The official letter stated,
“Thanks to Relex and its model we became aware that the Republic of Belarus has set itself on a course to implement new financial instruments through digital technologies and digital economies. We are hoping that Relex and the unique institutional status/position of its model in Belarus will allow us to provide the financing and provide legitimacy to protect the rights of our investors.”
Oksana Lozytskaya, Relex Belarus’s CEO, would be leading the digital investment proposals in Belarus. In the medium post, it was mentioned that the MTIP was very grateful of Relex’s actions for making the International port project, it’s first within the Republic of Belarus, which included the implementation of a new “digital economy” through the Relex crypto model.
The announcement suggested that Belarus’s effort to highlight the introduction of virtual assets was still very prominent. Earlier this year, the country launched a platform which allowed users to buy shares, gold, and other traditional assets with the help of crypto. The regulated tokenized securities exchange project was spearheaded by two IT-focused investment companies, VR Capital and Larnabel Ventures.
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Source: AMB Crypto

Bitcoin’s [BTC] fall on 17 May was engineered via ‘sustained selling on Bitstamp,’ suggests Coinmetrics

2019 has been a good year for cryptocurrencies, with the market surviving the long crypto-winter. The market collectively surged over the past two months, with Bitcoin [BTC] being one of the most prominent performers. Volatility has been a consistent feature of these past two months.
A major decline was observed was on the 17 May, 2019 when the entire market collectively witnessed de-valuation and Bitcoin’s price dropped from $7,700 to $6,600 over an hour.
However, CoinMetrics has suggested that the abrupt movement in prices was enforced to “trigger” a long squeeze, through forced liquidations for long Bitcoin futures positions. According to the research conducted by them, the market was conditioned for a long squeeze.
They stated,
“Focused selling was observed on Bitstamp’s BTC-US Dollar market resulting in a sharp divergence in Bitstamp’s price relative to other major exchanges. Bitstamp was likely targeted because, at the time, it was one of two constituent markets used in the calculation of Bitmex’s bitcoin index.”
Source: Coinmetrics
At around 03:00 UTC, part of the sale was witnessed on Bitfinex and it was followed by heavy “sustained” selling on Bitstamp. It was speculated that the selling on Bitstamp was timely executed to maximize price impact, and following the sale, a $300 discount was evident on Bitstamp, in comparison to other exchanges. Price corrections followed after, as a short and volatile period was recorded.
The data released was very conclusive that in the short-term, some price movements were orchestrated to trigger squeezes in the market. The factors laid down by the website were,
1. The ability to easily access leverage and the outsized impact of futures markets [particularly Bitmex] incentivize traders to engineer price movements.
2. The fragmented, 24/7 nature of crypto markets results in an easier ability to have a market impact when buying or selling large positions.
Long-term crypto prices are usually dictated by relevant market cycles and fundamentals, but the aforementioned data suggested that for a short period, market manipulation was recorded in order to improve market positions.
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Source: AMB Crypto