Every crypto fan noticed bitcoin network above $4,000 on March 16th. However, there was broad confusion over why.
Sure, there were plenty of theories. Crypto expert Nigel Green says the crypto winter is over. Prominent crypto trader Alec Ziupsnys says that the crypto market has hit bottom. And then there’s crypto whale Zhao Dong, who advises hodlers to keep on hodling – the “only thing you need is patience.”
With all this talk of promising upside, something doesn’t smell right. Normally, when the market value of a liquid (tradable) asset experiences a sudden jump, there’s a rational explanation. Someone discovers a new use for the asset. Some new buyer makes a big buy. Or perhaps some force threatens the supply of the asset.
When none of these forces are evident, one likely cause remains: price manipulation.
Make no mistake – price manipulation is a scam. If you fall for it, you’re being duped. Don’t let the fact that price manipulation is rampant in the crypto world mislead you into thinking it’s somehow okay.
Crypto exchanges do it. Stablecoins like Tether were likely invented for the purpose. Blockchain expert and self-proclaimed ‘explainer-in-chief’ Omid Malekan even goes so far as admitting that the price of Bitcoin is being manipulated – but tries to explain it away.
Don’t be fooled – price manipulation is rampant, and there are only two sides to this story: the conmen and their marks. Which one are you?
None of the companies mentioned in this article are Intellyx customers. Jason Bloomberg neither owns, nor plans to own, any cryptocurrency or other cryptotoken, either long or short.