• Bitcoin’s price has been volatile and is currently trading at $28,617.71.
• Some traders speculate that the price is being manipulated, noting pumping and dumping patterns.
• Traders are calling for caution until the cycle ends.
Bitcoin Price Volatility
Bitcoin has shown increased volatility in recent weeks, bouncing between $27,000 and $30,000. Last week, it reached above $30,000 before quickly wiping out its 24-hour gains within an hour. Currently, Bitcoin is trading for $28,617.71 per CoinGecko data – a 2.3% drop in value over the last 24 hours.
Price Manipulation Speculation
The pattern of running up to $30,000 only to violently dump afterward has led some traders to question whether or not the price is being manipulated. Prominent crypto trader “Algod” argued that this period should be perfect for Bitcoin given the current banking sector uncertainty but yet no significant inflows have been seen into Bitcoin itself. Another trader “Duo Nine” tweeted that it was “quite obvious” that someone was manipulating the market by pumping the price to attract buyers and then unloading bags afterwards; he called on traders to remain cautious until this cycle ends. Hal Press of North Rock Digital described Bitcoin’s latest price action as “bait” saying this wasn’t the first instance of such a pattern occurring either.
Call For Caution
Traders have called for caution amid speculation that Bitcoin’s price may be being manipulated by those with large sums of money at their disposal to influence prices through buying and selling tactics like pump-and-dumps and others forms of market manipulation like spoofing or wash trading – all illegal activities according to U.S law enforcement agencies like SEC or CFTC.. This calls for extra vigilance from retail investors who can get easily caught up in these situations when asset prices move against them suddenly after they have entered long positions expecting further appreciation in value rather than sudden drops in value due to large scale sell orders from whales entering into short positions with heavily leveraged funds behind them which could leave some investors completely wiped out financially if they don’t take proper precautions beforehand including limiting leverage used when speculating on asset prices movements or setting stop loss orders on open positions etc..
What Is Pump And Dump?
Pump-and-dump (P&D) is a form of microcap stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements so as to sell off shares at inflated prices when there exists little public interest in it or even very negative news about its prospects due to bad corporate governance practices amongst management which can leave investors stuck holding worthless assets after executives have cashed out their profits leaving them with nothing but losses incurred from buying into hyped up stocks pushed by unethical actors with vested interests in seeing those stocks appreciate temporarily only then crash back down again once they’ve sold off their own holdings prior to any public realisation about what’s actually going on..
Conclusion
Given these circumstances surrounding cryptocurrencies markets where manipulation seems rampant especially amongst low volume coins/tokens/assets often traded on exchanges without sufficient liquidity making it easier for big players who hold large amounts of capital at their disposal manipulate asset prices seemingly without consequence it pays off well for everyone involved except retail investors who might find themselves stuck holding bags full of worthless coins/tokens/assets after all speculation comes crashing down around them due lack proper risk management techniques while gambling away hard earned savings instead taking calculated investment decisions based off facts rather than hype generated by irresponsible actors looking profit regardless consequences faced by unsuspecting victims along way..