We had a major dip last night setting a new 24H low of $3707.07 just now on Binance that correlated with that fake bull rally on 01/06. Looking at the charts you will see the extreme volatility we contend with in these markets. You will also see the tell-tale signs of market manipulation, and the pump and dump setup I was cautioning about over the past couple of days.
The market manipulation
“There is wild and rampant manipulation in these markets. Unfortunately there are whales and/or groups that have the capabilities of swaying the markets. The only way you would be able to make money on these wild swings, is if you were in the know prior to it happening or part of it. It is the nature of the beast with an unregulated market. That is why it is so important for us to continue to spread #BlockchainAwareness / #CryptoAwareness… Until regulation kicks in you must proceed with caution, and be aware of and understand the extreme volatility within these markets.”
The future in this panorama
Unfortunately, with the continued attachment to, and the ebb and flow of the bitcoin price, most alts followed suit and took a hit. I suspect we will eventually see a separation of the alts from bitcoin.
Also published on Medium.