I took a quick gander on the twittersphere and panic seems to have taken root. Comment after comment of people calling for the end, FUDERS as we call them are not holding back. I often wonder how many of those are actual whales trying to buy altcoins for the cheap.
Before you think I'm losing it, let me clarify my position on this. I don't actually believe in the Bogdanoff conspiracy, they are just some weird twins who have a "unique" look to them making the memes that much funnier. However, I don't for a second believe markets are not manipulated.
There has been time and time again proof of big holders wash trading on big exchanges to simulate volume and attract overly enthused buyers, only to break their ankles. Honestly, we can't rule out even the ones we call "respectable". Let's not forget the launch of Bitcoin Cash and the inside trading that happened on Coinbase a few months ago.
So today, I'm using a friends laptop, looking at the markets with skepticism. I'm on a trip with very limited connectivity, but its one of those days I can't but to be glued to a screen. As many do in days like today, I'm searching for answers. What's catalyzing the dump? Who is selling? What are the volumes looking like? etc etc.
I can't seem to find something to point at, not really. As a matter of fact the more I dig I'm finding reasons for crypto to start its bull run as soon as possible. I just found a very interesting article regarding Mt Gox. In the article it basically states the horrible, giant, scary, gruesome cloud hovering over Bitcoin has been taken care of. The sell-off sort of speak, is done.
This is great news, actually fantastic news. This means that those customers of the now defunct exchange will not only get back some of their holdings, but more importantly the trustee won't be dumping BTC in the millions on bear days as he has done in the past for some reason.
This signals to me, that money should be jumping in today. New money should be showing up in exchanges in the next few days, and hopefully I'm right about this. Obviously, I'm not a wizard or a prophet. I'm simply using logic and common sense to form my opinion.
I guess, this weekend will be crucial to the whole thing. We always seem to run red weekends, so I for one will be keeping a close eye on the big exchanges. If the order books fluff up, then I know I was probably correct, if nothing happens, then I'm going to buy some chocolate ice cream and endure this bear market some more.
What's your opinion on the slump today? Who do we blame? (Let's pitchfork a bit)