Tether is back to being the fourth biggest “crypto” as markets suddenly plunged with some down 30%, while eth and bitcoin have fallen about 20%.
This seems to have begun around 7PM London time on all the major exchanges and also at the same time for major cryptos with it unclear whether there was a first mover.
We can see above in the 1 minute candles there was a slow and gradual reduction in price with it gaining some speed at 7:37 PM.
Ten minutes later, at 7:47, we have a freefall. Price plunges to the point we have a rare gap in the candle chart for Coinbase.
This all looks a bit familiar, although we can’t quite pinpoint where the familiarity is coming from, but the eth chart is basically identical.
In eth the first turbulences at 19:37 are a bit more pronounced, but this is basically just copying bitcoin probably due to the bot maintained ETH/BTC ratio.
So at 19:47 we have the same dive, but all a bit more pronounced here as the ratio enters into consideration, although that held stable.
So this is all bitcoin, and the one thing that applies to only bitcoin is of course the CME paper futures.
A fall was expected, but since it was expected you’d think it would be too predictable, but apparently not.
It occurred on Tuesday this time, but obviously we have no actual evidence it’s related except this is last month’s chart:
We didn’t take a 1 minute chart at the time, so we’re stuck with 15 minutes here, but it’s basically pretty much the same chart as that of yesterday although maybe with a bit less bull resistance and volatility.
That may be in part because it did not fall as steeply last time and it fell a bit more slowly. This time that ten minutes window is kind of designed to cause fear.
Now it is important to emphasize there is no concrete evidence. Blaming futures without an open mind may well let others get away with it in a distraction.
Just as if it is futures, they have plenty of distraction too. Some are claiming the fall in hash has anything to do with the price. It’s just cost mechanics based on hydraulic power, so if it does have anything to do with it, it would probably be just an excuse at best.
Some are claiming the lack of a rush of institutional money on the day Bakkt launched has something to do with it. Maybe, but a day long delay makes it unlikely, especially as this “crash” was American caused.
At 8PM London time, China is at 3AM and fully asleep. London and Europe are having dinner, while New York is looking forward to getting off work with just two hours left from their 3PM.
So we can probably be fairly sure of one element of who dun it: USA. From that, it might be reasonable to think Wall Street specifically, but who knows.
Certainly not congress. Their job is to be asleep at the wheel. FCA lately appears to be just a SEC laky, with SEC itself having its chair married to a Goldman Sachs banker.
France could maybe, but that can become complicated as emotional nationalism and all that would enter the equation.
The way they found out in gold – and then in pretty much all commodity markets – was some whistleblower, who then led to investors suing banks/bankers, who then pretty much admitted price rigging.
That all took decades, but exchanges could also explain just what exactly happened during this ten minutes window. Was it bots, if so how many? Was it people/accounts, if so how many at each minute, and so on.
Considering exchanges keep being hacked, if this continues it is probably just a matter of time until the data is pastebined. Until then or in the absence of some other concrete evidence, the above continues to be speculation.