Bitcoin Dropped in Four Minutes, Millions Sold in Just One Exchange, Wall Street Manipulation?

By October 23, 2019 Bitcoin Business
Click here to view original web page at www.trustnodes.com
Bitcoin sell off, Oct 23 2019

Bitcoin’s sharp fall of minus 7% was all within just four minutes when around 400 BTC was sold on just Bitstamp.

124 BTC were sold at 12:41 London time, bringing the price down from $7,900 to $7,700.

A small attempt at bouncing back was met with the sell off of 115 bitcoins at 12:42, bringing the price down to $7,600.

Millions sold in four minutes, Oct 2019

Two more sell offs of around 75 BTC each followed at 12:43 and 12:44, so bringing to an end what looks like a very precise operation, bringing the price down by $100 at each minute.

Bitstamp is one of the exchanges that determines the price of bitcoin fiat settled futures at CME.

Those futures themselves are not quite a market, as in the price at CME futures is not determined by supply and demand, but by the average of the price at Bitstamp, Coinbase, Kraken and itBit.

Thus if price is manipulated at Bitstamp by market selling large orders in a way designed to push the price down, then it’s as if it is manipulated at CME itself.

This is pretty much exactly what happened last month before futures expired, but over ten minutes.

Bitcoin crash on September 25 2019

The fall last month was unusual in its depth, with it generally keeping to -5%, while this month it has played by the book.

Likewise price usually rises after futures expire because they need to buy the bitcoin again to sell them before next month’s expiry.

Since last month however price was sidewaying until it sharply dropped today in just four minutes, with it unclear what it plans to do now.

What is clear is that considerable evidence is now gathering of price manipulation by Wall Street bankers who just as they woke up in New York today at 9am sold off.

This is nothing new for other commodities markets where courts have found banks guilty of rigging the price of gold, silver, and even of fiat money itself.

There however the rigging is against old stuffy men holding on to old-fashioned gold or silver, while here it is against coders and a new young generation.

Some of the finest coders in the world, in fact. Coders who actually built the systems they trade on.

On the other hand this might have something to do with Libra, which has a hearing at Congress today, but why that would have anything to do with bitcoin except for bankers to make a point, is not clear.

Copyrights Trustnodes.com

124 BTC were sold at 12:41 London time, bringing […]

Leave a Reply