Bitmex takes manipulation to the moon! ETF's will pay the price!
The level of manipulation on Bitmex is out of this world.
Synopsis:
An hour ago, Bitmex shot the price to the moon but only for a second (Nobody is gonna be calling for a Lambo anytime soon). This time it went up 22% which lead to the annihilation of all shorts created in the last 30 days. Yet I survived since I did not have a stop loss.
Now as a general rule of thumb, Manipulators or whales don't make such large moves too close together as to increase the amount of damage it can do. They'll spread it in the span of a month so I did not expect another one so soon. But the fact that only orders with stop losses are getting killed raises suspicion. There is definitely a bug in the system or some sort of insider trading going on at Bitmex.
BITMEX is a futures market. A futures contract by definition follows the price of the underlying asset. But Bitmex has become so big that it controls the price of Bitcoin which is literally the inverse of the definition. This is very alarming and detrimental to the future of cryptocurrency market. At this rate, the market will not survive but blockchain technology will.
In my professional and as a sane human being opinion, after such heavy level of manipulation there's no chance of us getting a Bitcoin ETF passed this year. Bitmex, the largest bitcoin exchange can be manipulated, enough said. Some will argue that on Wednesday, SEC will review the decision since these companies appealed. Welcome to Fundamental Rights 101, even a convicted sex offender has the right to appeal against his decision. Does not mean it is gonna overturned. Futile efforts by these companies to earn their commission while retails trades fall for these delusions.
This market is gonna have dire consequences due to such price action.
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Synopsis:
- 48 hours ago, Bitmex goes down and liquidates everyone with a stop loss order.
- An hour ago, Bitmex shoots up the price by 30% in 1 minute.
- Rational regarding further ETF Denials in the near future.
An hour ago, Bitmex shot the price to the moon but only for a second (Nobody is gonna be calling for a Lambo anytime soon). This time it went up 22% which lead to the annihilation of all shorts created in the last 30 days. Yet I survived since I did not have a stop loss.
Now as a general rule of thumb, Manipulators or whales don't make such large moves too close together as to increase the amount of damage it can do. They'll spread it in the span of a month so I did not expect another one so soon. But the fact that only orders with stop losses are getting killed raises suspicion. There is definitely a bug in the system or some sort of insider trading going on at Bitmex.
BITMEX is a futures market. A futures contract by definition follows the price of the underlying asset. But Bitmex has become so big that it controls the price of Bitcoin which is literally the inverse of the definition. This is very alarming and detrimental to the future of cryptocurrency market. At this rate, the market will not survive but blockchain technology will.
In my professional and as a sane human being opinion, after such heavy level of manipulation there's no chance of us getting a Bitcoin ETF passed this year. Bitmex, the largest bitcoin exchange can be manipulated, enough said. Some will argue that on Wednesday, SEC will review the decision since these companies appealed. Welcome to Fundamental Rights 101, even a convicted sex offender has the right to appeal against his decision. Does not mean it is gonna overturned. Futile efforts by these companies to earn their commission while retails trades fall for these delusions.
This market is gonna have dire consequences due to such price action.
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Source: www.newsbtc.com/2018...-8000-what-happened/