Bitcoin $74 million manipulation, futures need to be regulated or shut down

Bitcoin went down to $6300 from $7300 in two big steps today. Once in the morning from $7300 to $6900 and then in the evening from $6900 to $6300. There is clear evidence of manipulation and probably insider trading from Goldman Sachs itself as someone took a $74,000,000 short position 2 days ago before the news that Goldman was going to put off opening up a cryptocurrency desk. I’m betting it was the institution itself or one of the senior executives because no one takes out a $74,000,000 short position when the sentiment is positive without insider knowledge. This is another clear example why the futures market is horrible for Bitcoin and needs to be either closely regulated or gotten rid of or at least have all the contracts actually settle in Bitcoin instead of cash. This type of price controlling is far more dangerous than the Dogecoin stuff people have been talking about the last few days because you don’t need to own any coins to manipulate the price of a coin with short-sells and since you don’t need coins, you can’t track which wallet this is coming from. It is a much easier and more effective way to manipulate the market than any kind of coordinated buying and selling of coins. And since you are causing an unnatural fall in the price, it will recover fairly quickly afterwards so you can make money via the short-sell contract and the buy in low and ride the wave back up and make double the money from manipulation. This is someone the SEC should watch much more closely than the movements of coins from big wallets.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s