Bitcoin enthusiasts will have noticed the BTC prince took a significant hit over the past 24 hours. Although there is no clear reason as to why this is happening, it appears a lot of stars are aligning to push the BTC price down for a very long time. Political games among investors are taking place behind the scenes, that much is certain.
Bitcoin Price Is Being Manipulated Once Again
Every time the bitcoin price goes down, one can rest assured it is a clear example of manipulation. In most cases, this manipulation is a direct result of negative news caused by banks or regulators. This latest price drop, however, is caused by the people who invested in bitcoin at an early stage and are now looking to push their own political agenda by using rather extreme measures.
Most enthusiasts are well aware of how the squabble between Core and Unlimited will eventually result in a hard fork. Even though Bitcoin Unlimited has virtually no chance of succeeding in the future, that won’t keep its supporters from forking bitcoin and splitting it into two separate entities. Miners are being manipulated to support BU over Core, effectively blocking the activation of Segregated Witness. None of this would be possible without support from the Chinese mining pools, though.
Which brings us to perhaps the most intriguing part of this entire debacle. Chinese pools have virtually immediately announced their support for Bitcoin unlimited, rather than supporting Bitcoin Core. This seems to hint at China trying to become the central hub of all bitcoin activity even more than before. Keeping in mind how this disruptive effort comes around the same time of the PBoC announcing major changes for bitcoin exchanges, it is not unlikely there is some correlation between these two events. Then again, that is only mere speculation at this point.
What is not speculation, however, is how these Bitcoin Unlimited supporters will go to great lengths to drive a point home. Some of their wealthier backers are now openly advertising alternative cryptocurrencies and comparing them to how “Bitcoin used to work”. Driving the bitcoin price by selling off large quantities is not enough, but these BU backers use part of their wealth to pump altcoin prices as well. Since most of these markets require a little volume to make things happen, manipulation is not all that difficult to achieve.
While all of these events may be unrelated, it is not hard to see why people start to see a conspiracy unfolding before our eyes right now. A lot of strange things are going on in the world of bitcoin and cryptocurrency right now. It is not unfeasible to think a few bad actors with enough wealth are actively trying to shake things up so it benefits their own agenda. Whatever the reason for the recent activity is, the bitcoin price is being manipulated one way or another. Volatility is back in full effect, which does not benefit the bitcoin price by any means.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.