If you live in a time zone that matches the London GMT local time, you would have awoken this morning to discover Bitcoin had gained over $700 (USD) in value.
Alarming right?
Yesterday, I saw information on a telegram group that a Bitcoin price pump was in the works by groups of traders all over the world who manipulate prices at secret intervals known to them, making them winners and creators of market trends, whilst ordinary traders or people trying to find their way, lose monies ninety percent of the time.
Cryptocurrency price manipulation is conducted by organized “trading groups” using services such as Telegram
Unveiling the disgusting truth about cryptocurrency markets
Time based coordinated “pump and dump” schemes on multiple exchanges (such as binance, okex, bitfinex etc) have seen traders inflate and crash the prices of various cryptocurrencies thoughout this year.
These coordinators & crooks are everyday people with normal jobs that use this as a side hustle.
They use specifics names such as @VipAdmin2, @Whalesclub, @Cryptowhales, @Palmbeachvip, @Cryptobullet etc. The list is too long!
As a result, it says, these fraudsters are generating hundreds of millions of dollars in revenue for themselves, while others get stung by losses once the groups sell off a particular asset en masse.
In the first six months of 2018 alone, trading groups generated revenues of $825 million.
This is extremely wrong for cryptocurrency adoption worldwide.
The Fed needs to create laws that take power off these groups. These fraudsters are ruining the markets, and they must be restricted by any means possibles.