Massive Bitcoin Dump by Ponzi Scheme Behind BTC Price Crash

Currently trading around $10,000, Bitcoin lost 18% of its value this week, wreaking havoc in the cryptocurrency . Though a drop has been expected because of the sharp rise of BTC price and the gaps created by CME Group’s Bitcoin futures contracts, a prominent be large amounts of BTC dumped in the […]
: bitcoinexchangeguide
Massive Bitcoin Dump by Ponzi Scheme Behind BTC Price Crash

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Chainlink (LINK) Dump Erases $600 million in Market Value

chainlink

Roughly $600 million in the market value of LINK tokens has been erased after a series of bulk sales triggered in July. Following a 4chan media blitz conducted by the Chainlink development team, valuations have fallen by nearly 60% (after reaching highs above $4.80 on June 29th).


ChainLink Market Value Evaporates

After Chainlink raised $32 million in its 2017 ICO, crypto analysts were already criticizing its skewed distribution metrics. Out of a total of one billion LINK, the development team held 650 million Links while allowing the 350 million remainder to circulate throughout the market. Despite the questionable foundation created by these unfavorable scenarios, ChainLink valuations rose by more than 3,710% in less than two years.

4chan Media Blitz Inspires FOMO

However, large portions of these gains accumulated after an apparent marketing blitz on 4chan’s /biz/ board conducted earlier this year. In a matter of weeks, ChainLink valuations experienced a ten-fold rally that caught many in the market off-guard, with TrustNode asking some tough questions:

For months now 4chan’s /biz/ could easily be mistaken for /chainlink/, leading one to dismiss the project. The astronomic recent rise of about 10x in weeks could also lead one to just call it a 4chan pump, but is there actually something here?

Shortly thereafter (July 6th), the Chainlink development team issued a statement that have been viewed as an ominous warning signal for crypto investor with bullish exposure:

We do sincerely appreciate community’s continued support and understanding as we expand the number of working on Chainlink, and we will of course do best to ensure that expansion plans are accomplished responsibly, carefully managing the company’s resources, capital and LINK.

In the press release, we can see the development team telling its investors that the ChainLink team needed to sell portions of their massive holdings in order to hire new people (i.e. for positions like “Technical Documentation Writer”). However, these claims remain questionable given the fact that ChainLink raised $32 million during its ICO less than two years ago.

Ripple Labs Similarities

The ChainLink story sounds eerily similar to events that unfolded at XRP, where another series of unfortunate market practices led to significant losses for investors.

As Bitcoinist reported, Ripple Labs systematically dumped an average of 2.425 Billion XRP tokens each year (starting in 2014). When many coins in the crypto market saw declines of +90% during the bear market periods of 2018, XRP valuations plummeted by roughly 88% (relative to its BTC pairing). Despite the massive losses felt by most investors, Ripple Labs still managed to bank incredible profits of more than $530 million.

ChainLink’s Suspicious Price Action

According to data compiled by etherscan, heavy selling pressure was directed at ChainLink over a 40-day period where 700,000 Links were sold on 14 different occasions. With a total of roughly 10 million Links sold, this creates an estimated market value of about $30 million.

ChainLink / USD - TradingView.com

ChainLink / USD – TradingView.com

The chart history has only added to the market’s suspicions, as it shows large volume spikes on June 13th and June 29th. Both periods are accompanied by surges in market valuation. The second major increase in volume saw a rise to over $860 million, which is notable given its $1.4 billion total market cap.

Trends have since fallen back to more normalized levels with volumes of approximately $70 million and price valuations below $2.50.  However, these divergences from the historical averages suggest more could lie ahead for those following the storyline of ChainLink.

What do you think lies ahead for ChainLink? Let know in the comments below!


Images via Shutterstock, LINK/USD charts by Tradingview

The post Chainlink (LINK) Dump Erases $600 million in Market Value appeared first on Bitcoinist.com.


Source: bitcoinist
Chainlink (LINK) Dump Erases 0 million in Market Value

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Obvious Pump-And-Dump Exposed At Predictive Technology

Whitney Tilson’s email to investors discussing his advice to a reader who’s heavily invested in tech; Stansberry’s Opportunities; Lower rates?; Obvious pump-and-dump exposed at Predictive Technology Inc (OTCMKTS:PRED); Snowball the dancing parrot stuns scientists. 1) One of my readers sent me a good question, so I wanted to reply publicly: [REITs] Q2 hedge […]
Source: bitcoinwarrior
Obvious Pump-And-Dump Exposed At Predictive Technology

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President Dump is going to send us to the moon, with all of this free advertisement.

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Bitcoin Price Begins Consolidation; Markets Cooling Down

bitcoin price analysis chart

As the parties wind down in the US and the impending hangovers begin to fester, Bitcoin is taking a breather. In what appears to be the beginning of a phase, BTC has dropped around 8% on the day.


Bitcoin Price Falls Back To $11000

The epic 25% bounce back from the depths of $9,600 took Bitcoin price to $12000 briefly yesterday. For the duration of the fourth, it managed to consolidate around $11,800 but has fallen sharply a few hours ago. The latest has returned BTC back to $11k, and it is currently holding just above there at 00.

bitcoin

BTC price 1-hour chart – Tradingview.com

Daily volume has retreated back to $25 billion and BTC capitalization has just dipped below $200 billion again. As Bitcoinist reported earlier this week, BTC may have found a new floor at around $10,000 but a drop below this could signal a deeper dip than the previous one, possibly somewhere back in the $8k region.

The CT traders seem to have taken the day off for the US holiday and things are pretty quiet in crypto land at the moment. Looking at next levels of support, the 50-day moving average is currently at $9,200 so this may serve as the next lower low if BTC heads south again.

On the four-hour chart, Bitcoin price has already dropped below the 50 MA and could head towards the 200 which is currently at $9,600. As in previous cycles, there was a lot of buying pressure at four figures but this may not be of the same magnitude if BTC drops below $10k again.

CNBC, which often serves as a counter trade signal, seems to be bullish on Bitcoin however with this rather festive tweet posted a few hours ago.

Altcoins Getting Battered Again

Total crypto market capitalization has dumped over $15 billion on the day but Bitcoin dominance remains over 65% according to Tradingview.com. Yet again the altcoins, which are already in shape, are getting battered.

Ethereum has dumped 5% to return to $285 and XRP has shed a similar amount falling back to $0.387. Litecoin is holding $120 at the moment but Bitcoin Cash and EOS are both down 4%. There is a lot of red on the altcoin markets during Asian trading this morning and a handful of the very low cap ones are making any progress.

The weekend may see more consolidation from Bitcoin which appears to result in a dump in the altcoins. It be time for the daddy of crypto to take a breather for a bit.

Will Bitcoin price another lower low or here for a while? Add your thoughts below.


Images courtesy of Shutterstock, @CNBCFuturesNow, Tradingview

The post Bitcoin Price Begins Consolidation; Markets Cooling Down appeared first on Bitcoinist.com.


Source: bitcoinist
Bitcoin Price Begins Consolidation; Markets Cooling Down

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Crypto Markets Dump $55 Billion as Bitcoin Correction Deepens

An inevitable correction has begun since crypto markets hit their giddy heights of $387 billion capitalization on Thursday. Saturday morning paints a different picture as Bitcoin cools off heading south in a predicted pullback.

Crypto Correction Deepens

Since Thursday’s Bitcoin and crypto market peak things have taken a predictable turn south. Bitcoin fell from its 15 month high of $13,800 down to $10,300 marking a 25 percent decline. Yesterday BTC appeared to recover a little, getting back to $12,400 for a few hours but it has started to fall again during the morning’s Asian trading session.

At the time of writing BTC had dropped back to $11,500 which is over 16 percent down in two days. It is sitting on a support level which, if broken could lead to further losses back below five figures. This wouldn’t be too bad in reality; a 30 percent plus correction will be back at $9,500 where more accumulation is likely to occur.

Crypto trader ‘SalsaTekila’ concurs that further losses could be on the cards with a resistance level way below $9k.

Analyst Luke Martin is a little more bullish however:

“If $BTC bounces here off support and moves I can’t wait to see the Bitcoin up on news that Xi and Trump agree to restart trade talks narrative”

Total crypto market capitalization as shrunk by $56 billion since Thursday. Currently it is just over $330 billion as record trading volumes trail off to below $100 billion. Yesterday saw a lower high a lower low could follow as the pullback accelerates.

Altcoins In A World Of Pain

There has been a of talk of altseason last week and many expected some kind of movement when BTC finally corrected. Clearly the altcoins are still hopelessly coupled to Bitcoin as they have all plummeted, most by double digits, during Thursday’s rout.

Ethereum, which had been making slow but steady progress, had fallen back below $300 again. This still makes ETH an attractive buy at 78 percent off its all-time high. XRP hadn’t really moved a lot during Bitcoin’s epic rally but the Ripple token has dumped 16 percent over the past couple of days, back to $0.41.

Bitcoin Cash has been relatively unscathed, remaining above $400 and flipping Litecoin for spot. Litecoin has been hit hard, falling 20 percent on the week back to $117. LTC momentum is likely to pick up again though as the halving, which is only 37 days away, approaches.

Other altcoins have also been trounced, EOS is back at $6 while Cardano, Tron and Stellar have declined considerably. Altseason is still clearly nowhere to be seen yet as Bitcoin continues its correction.

Image from Shutterstock

The post Crypto Markets Dump $55 Billion as Bitcoin Correction Deepens appeared first on NewsBTC.


Source: newsbtc
Crypto Markets Dump Billion as Bitcoin Correction Deepens

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BTC Dump Coming? – Traders Fear After New $11,000 High

BTC Dump


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BTC dump could be coming on the market since its refuses to let the steam off and now traders are wondering whether this will happen. The number one cryptocurrency soared above $11,000 for the first time since 2018 and now let’s find more the price analysis and expectations in the altcoin news below.

Investors bid the bitcoin price up to $11,215 on the Coinbase crypto exchange. This movement pushed the asset to an additional 13 percent up for the day launching the highest month-to-date gains above 30 percent. The past 24 hours also helped bitcoin to reach a ‘’real 10 volume’’ which reportedly eliminates all the suspicious traders.  Following the upside move, the price of the digital asset is now trading at 45 percent lower than its all-time high which was almost $20,000 back in December 2017. Moreover, the cryptocurrency has just recovered by nearly 260% from its 2018 low including the of 200 percent.

The bitcoin price started climbing higher on Wednesday right after the Federal Reserve announced the plans to cut interest rates in July. The move by the agency left the US dollar in a weak position which sent the benchmark S&P 500 Index and the haven asset in the coming sessions. Some of the cryptoanalysts speculate that the investors are now turning to bitcoin as an alternative regarding the uncertainty over the trade war between China and the United States.  Now, BTC dump is fearing the traders since Greyscale Investments also pointed out that the ongoing tension between both fo the countries left the investors in China with a weaker Chinese Yuan. The report stated:

 “While it is still very early in Bitcoin’s cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”


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A part of the Bitcoin bullish movement came thanks  to the crypto project and the London Capital Group executive Jasper Lawler noted that the token will act as a gateway to the crypto market for 2 billion users as noted in the latest cryptocurrency news:

‘’Libra will expose 2 billion Facebook users to crypto. Because of its huge network of over 2 billion users, Facebook products cast a wide net. Libra will breed familiarity of cryptos to a much wider audience. Two billion people will now be much more open to Bitcoin and other altcoins.”

The post BTC Dump Coming? – Traders Fear After New $11,000 High appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
BTC Dump Coming? – Traders Fear After New ,000 High

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Pump Dump Repeat: Aurora (AOA) Displays Some Impossible Price Patterns

Ethereum- Aurora (AOA) has shown some very strange patterns this past week. The following screengrab of AOA’s weekly chart tells the story better than I […]
The post Pump Dump Repeat: Aurora (AOA) Displays Some Impossible Pric
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Pump Dump Repeat: Aurora (AOA) Displays Some Impossible Price Patterns

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BTC Dump: Pure Whale Manipulation

The BTC dump today was completely manufactured:

  • About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase: link
  • About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another : link
  • 40 mins after that, a whale moved 11k BTC (worth $88M) from Coinbase to another wallet: link
  • 15 mins after that, a whale moved 10M USDT from one wallet to another: link

If you do a math and follow the timeline, it’s not hard to see that someone dumped 25k BTC for $215M and bought it back shortly after for $200M. In doing , pocketed $15M and walked away with the same amount of BTC as started with.

Fuckers.

Edit: For all those saying that one was complaining when a whale entering the market drove the price us. shit, all boats rise in that situation. In the one we’re talking about here, one group of people benefit whereas the vast majority are negatively impacted. That’s the difference.

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Source: CryptoCurrency
BTC Dump: Pure Whale Manipulation

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