Hello,
I have been under the assumption for some time now that the Crypto markets are the only truly free market left on the planet. This would explain why we are seeing their explosive growth this last year or so. This explosive growth, I believe, is simply the hyperinflation most of us have been expecting for a decade or more but in a form we never expected. Or is it?
If the Crypto Market truly is free than how in the world do virtually all of the top Cryptos crash at the exact same time and then go back up all at the same time? These seemingly coordinated down and then up movements we have seen in the Crypto markets in the last few days has really got me scratching my head.
I'm trying to figure out what mechanism makes them all move together. It seems to me that in order to get all of the top Cryptos to move together, in either direction, it would take either a few people with about 20 or 30 billion, like say a couple of central banks, or 1000s of smaller investors, like most of us here at Steemit, all deciding at the same time to buy or sell.
I could understand 1000s of people deciding to sell all at once on some really bad news but I don't remember any really bad Crypto news on Thursday or earlier in the week. Does anyone on this forum know of any really bad news that would cause a sell off like we just saw yesterday?
If central banks were rigging the Crypto Markets I would expect them to be causing these markets to do this very thing. They would want to rig the markets to be super volatile to scare people away from getting into them.
If anyone here has the answer to this question please let me know.
Jamie Fagan
jamiefagan1963@gmail.com